Premier Foods Half Year results for the six months to 30 June 2014

Trading profit increased 2.1% in challenging markets

• Underlying business Trading profit up 2.1% to £48.1m
• Sales 6.1% lower due to challenging market conditions in our categories
• Strong second half programme of consumer marketing and new product introductions
• Continued progress on cost reduction and business simplification
• Trading profit expectations for the Full Year unchanged
• Category review confirms long-term potential for value creation through investment in brands, innovation, supply chain and people

Premier Foods today announces its Half Year results to 30 June 2014.

Gavin Darby, Chief Executive Officer, said:

“I’m pleased to report a modest increase in Trading profit in the first half of the year, despite a fall in sales volumes which reflects the challenging market conditions in our categories.

“We are adapting quickly to the changing external environment through retaining a tight control of costs and margins and have a strong programme of consumer marketing and new product introductions planned for the second half of the year. Assuming normal weather patterns, we expect an improved second half branded sales performance and our Trading profit expectations for the year remain unchanged.

“Following an update of our category plans, we remain convinced of the medium and long-term potential for our brands to deliver profitable growth. We plan to continue investing in innovation, marketing, our supply chain capabilities and our people to create long-term shareholder value.”