Premier Foods plc’s share price was up this morning (23 April) as the UK food group booked an increase in first-quarter sales.
For the three months to the end of March, sales excluding milling were up 1% to GBP327m. Branded sales climbed 2.2% to GBP275m. The group reported a 3.3% rise in sales of its “power brands”, which include Hovis bread and Sharwood’s sauces, to GBP222m.
Go deeper with GlobalData
Sales in Premier’s bread business, excluding milling, were 0.8% ahead of last year. It said Hovis’s market share was “broadly unchanged”. Premier said the brand will benefit from a packaging re-design in the second quarter.
“Despite a continued challenging consumer environment, I believe we have the right strategies in place to make further progress this year, with expectations unchanged,” said CEO Gavin Darby, who joined the business in January.
Premier Foods said it remains on track to deliver the previously announced GBP20m of cost savings in 2013.
See Also:
Premier’s share price was up 3.22% to 73.80 pence at 08:04 BST.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClick here for coverage of Premier’s conference call with analysts, including where CEO Gavin Darby sees potential for cost savings.
Click here for a round-up of how City analysts viewed the results.
And read why union officials are unhappy with Premier’s plans to close a Hovis bakery in Birmingham.
