Premier Foods: announces preliminary results 2009

London / UK. (pf) Premier Foods PLC announces its unaudited preliminary results for the year ended 31 December 2009. The Group is pleased to announce good progress in 2009 with branded sales up 6,5 percent and Trading profit up 4,5 percent. The Group has set out more details of the next stage of its journey to deliver growth and cash and is confident of making further progress in 2010 in implementing the strategy of growing branded sales, of delivering efficiencies in procurement and in manufacturing and of generating cash. Highlights:

• Branded sales up 6,5 percent to 1’678 million GBP and market share gains across all our markets
• Total sales up 2,2 percent to 2’661 million GBP
• Trading profit2 up 4,5 percent at 323 million GBP
• Profit before tax 47 million GBP versus a loss before tax of 405 million GBP in 2008
• Underlying cash generation of 60 million GBP
• Net debt at 31 December 2009 1’365 million GBP

CEO Robert Schofield: «Premier Foods achieved a tremendous amount in 2009. We strengthened our balance sheet, cut debt, increased Trading profits and returned to positive earnings. Most importantly we improved the performance of all our key brands in a highly competitive market place. Today we are outlining our plans and ambitions for the next chapter in the successful growth of the business. We are laying out a series of key targets and performance indicators for the next three years and providing an even greater degree of transparency as befits a business of our scale. We are confident that our business model is capable of continuing to capture share in our key market segments and delivering sustained earnings growth and cash generation over the medium term. We look forward to the next stage of the Group´s development with determination and enthusiasm».

Info: Premier Foods Preliminary Results year ending 31 December 2009
(complete press release; PDF; 51 pages; 293 KB).