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Hovis and Loyd Grossman prove winners for Premier Foods
by Anastasia Weiner - 05/08/2009
"THE success of Hovis, Branston and Loyd Grossman means that Premier Foods is on course to deliver full year expectations. "
Its Quorn brand, which is manufactured in Stokesley, North Yorkshire, has seen sales grow alongside fellow meat-free brand Cauldron.
Mr Kipling, Lyons and Ambrosia have also gained market share with well established brands such as Sharwoods enjoying growth thanks to new varieties and products.
The food manufacturer reported today that its turnover for the first half ended June 27 was £1.2bn - up 3.5% on the same period last year.
However, group operating profit slipped from £46.2m to £26.8m.
Following a successful share placing in March net debt has fallen to £1.4bn from a previous high in June last year of £1.8bn.
Robert Schofield, chief executive of Premier Foods, said that following the integration of RHM and Campbells, the group had been able to target investment on market-leading brands.
"Against the backdrop of an exceptionally tough trading environment, we are pleased with our progress with increased market share through co-ordinated programmes of innovation, advertising and promotional activity," he added.
"We are delighted by the continued success of Hovis, which has grown its sales by 17% and reached its highest market share for more than two years."
Mr Schofield said that he expected the consumer environment to remain tough, but that Premier would continue to invest in and support brands to drive market share growth.
"We continue to focus on cash generation and debt reduction and we are on course to deliver our full year profit expectations," he said.
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More Details: http://www.thebusinessdesk.com/yorkshire/news/15039-hovis-and-loyd-grossman-prove-winners-for-premier-foods.html
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