Mr Kipling owner Premier Foods today reported a 2 per cent in sales for its key brands, boosted by a range of products to tie in with the recent Jubilee celebrations.
The group said Mr Kipling sales “increased strongly” after it launched a “snack-pack” format and other Jubilee-related products such as Mini Classics.
Sales at its Power Brands portfolio, which also includes Batchelors and Loyd Grossman, rose to £418.9 million in the six months to 30 June, up from £410.5m a year earlier.
Premier, which had a net debt of £1.3 billion at the end of the first half, is selling off non-core products to focus on eight key brands in a bid to turn around its business.
The ongoing restructuring meant it recorded bottom-line losses of £27.3m, compared with profits of £11.2m last time, but focusing on the eight main brands its trading profits were 3.2 per cent higher at £53.2m.
Chief executive Michael Clarke said: “Plans to simplify the business and drive further efficiency and effectiveness are proceeding ahead of plan and we will now deliver the previously announced £40m savings by the end of 2012.
“As we continue our divestment programme, we plan to take further costs out of the business.”
Meat Trade News Daily Supporting British Pig Farmers
Source: the scotsman
Back to News Headlines