Hovis market share boost lifts Premier Food profits
PREMIER Foods yesterday met forecasts with a six per cent rise in first-half profits, helped by market share gains for its Hovis bread and a growing trend among recession-hit Britons to eat at home.
Premier, which also makes Mr Kipling cakes and Bisto gravy, said operating profit from continuing business before one-off items and goodwill was £123m in the six months to 27 June.
Promotions were up about 10 percent year-on-year, in line with rivals, as food makers battle to attract custom and chief executive Robert Schofield said trading conditions were likely to remain competitive
Schofield said: “People talk about green shoots (of economic recovery). I am not quite so sure. I can see the second half is going to be a pretty tough trading environment.”
Including one-off items and interest payments on its debts, Premier made a first-half net loss of £35.9m.