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Premier Foods H1 underlying sales decreased 1.8%

Staff Writer | November 15, 2016
Premier Foods released half year results for the 26 weeks ended October 1, 2016.
Premier Foods
Premier Foods   Weak Grocery sales
H1 Group underlying sales decreased 1.8% due to weak Grocery sales (4.0%); partly offset by good performance in Sweet Treats +4.1%. Q2 Grocery underlying sales decreased (9.5%) due to warmer weather after good Q1.

Other highlights:

- Sweet Treats & International delivering consistently strong quarter on quarter growth

- Total reported sales up +2.0% reflecting Knighton Foods consolidation

- Underlying Trading profit4 £48.0m, £2.0m lower partly due to increased marketing investment

- Net debt £556.0m at H1; £29m lower than prior year H1

- Combined IAS 19 pensions deficit £228.8m due to fall in discount rates

- Net present value of pension deficit recovery schedule expected to reduce by c.£100m

- Profit and Net debt expectations for the year unchanged.