Northern Foods: says profits on track

Leeds / UK. (nf) Northern Foods PLC said in an interim management statement its like for like sales for the full year are up 1,0 percent on the prior year. In its Q4/2009 statement, the group says like for like sales in the 14 weeks to April 03 were down 1,8 percent on the prior year, due to its planned exit from low-margin frozen business. Fox´s was trading well and was now the number two biscuit brand with a 10,7 percent market share. The company said it had a strong balance sheet and net debt will be lower by almost ten percent. According to Northern Foods the company is «trading solidly in tough market conditions, with strong trading in Sandwiches, Salads and Bakery and will deliver full-year operating profit in line with market expectations (…) Investments to enhance the competitive position continue and the company´s programme to deliver a step-change in the operational capabilities of Fox´s Biscuits is proceeding well».
Info: complete Interim Management Statement