Premier Foods plc is set to divest a number of brands following its latest profit warning.

On Friday (7 October) the company released a statement that said annual trading profit was expected to be “below market expectations”, prompting a slide in share price.

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It said it would focus on eight ‘Power Brands’, such as Bisto and Hovis, and reduce the overall size of its portfolio.

The statement said: “We will actively seek to dispose of businesses. This will also allow us to de-leverage.”

Premier added that the sale of other brands would allow the company to “significantly exceed” the previously-announced GBP20m (US$31.3m) cost saving target by 2013.

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