London / UK. (pf) Premier Foods PLC, maker of Hovis bread and Mr Kipling cakes, announced its interim results for the six months to 28 June 2008. «Despite the challenging consumer environment that we find ourselves in, we have delivered our profit target. At the same time we have continued to lay down the foundations for Premier´s transformation into a modern, integrated and very competitive UK food group. Our vision remains on track», says Chief Executive Robert Schofield in a statement. Key figures:
Pro forma Group turnover up seven percent
Price rises achieved across the Group to recover cost inflation
Group trading profit in the first half in line with expectations
Synergies of 26 million GBP delivered in first half
Group integration plan and synergy delivery accelerated
Hovis relaunch commenced
On course to deliver our profit expectations for the full year
Interim dividend per share of 0,022 GBP
Schofield: «Specifically, the integration of RHM and Campbell´s is now ahead of plan, and we have closed six out of the nine factories scheduled for closure. We are revolutionising our management systems with the seamless introduction of a single SAP IT platform. We have achieved the key price increases that were needed to recover input cost inflation seen to date and have continued to invest behind our unrivalled portfolio of brands and staple food products to ensure they prosper through the current difficult economic conditions.
Now we have commenced the rejuvenation of Hovis, our largest brand, with significant quality improvements and an exciting marketing campaign that starts next month, which we believe will return it to growth.
Our expectations for the year as a whole remain unchanged, with progress weighted towards the second half as the benefit of all these fundamental actions begin to flow through. The Group will reap the fuller rewards from this strong platform in 2009 and beyond as our focus shifts towards further brand building and innovation».
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