Shares in Premier Foods plc, the UK’s largest food manufacturer, rose in early trading this morning (16 February) after the Mr Kipling cake maker posted pre-tax profits of GBP47m (US$73.8m) for 2009.
The company, owner of household brands like Bisto gravy and Branston pickle, recorded a pre-tax loss of GBP405m in 2008. Trading profits were up 4.5% at GBP323m, with revenues growing 2.2% to GBP2.66bn.
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The numbers pushed up Premier’s shares by 1.1% to 32.65p at 08:29 this morning.
However, Premier’s shares remain below the level on 14 January, when the company’s stock slumped 7% after the company warned pre-tax profits would miss expectations.
“Premier Foods achieved a tremendous amount in 2009. We strengthened our balance sheet, cut debt, increased Trading profits and returned to positive earnings,” chief executive Robert Schofield said.
Click here for the full results statement from Premier Foods and click here for Robert Schofield’s plans for Premier to focus on “drive” brands.
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