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June 1, 2010

UK: Northern shares head south after FY results

Shares in Northern Foods, the UK group behind Goodfella's pizza and Fox's biscuits, fell this morning (1 June) after the company booked flat annual sales and earnings.

Shares in Northern Foods, the UK group behind Goodfella’s pizza and Fox’s biscuits, fell this morning (1 June) after the company booked flat annual sales and earnings.

The company reported a 0.5% rise in underlying pre-tax profits to GBP39.2m (US$56.8m) on a 0.2% increase in revenue to GBP977m.

However, Northern said underlying revenue, a “key measure” that excludes factors including the impact of foreign exchange, M&A and discontinued operations, rose 1%.

“Northern Foods has traded solidly in challenging market conditions,” said chief executive Stefan Barden.

Shares in Northern were down 1.6% at 47.5p at 09:07 BST this morning.

Click here for the full earnings release from Northern and click here for coverage of the company’s conference call with City analysts.

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