Northern Foods remains resilient

by David Parkin - 07/10/2009

"NORTHERN Foods today saluted its resilience in difficult markets and said that its first half results will hit targets
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The Leeds-based group, which produces food including Goodfellas pizzas, Fox's Biscuits and Matthew Walker Christmas puddings, said that in the 26 weeks to September 26 it delivered a "solid operatiing performance and continue to drive the business forward".

Northern Foods said that its Hull ready meals plant, which it announced it was shutting in May, would close at the end of October.

The group, which will announce its half year results on November 10, said that it has a strong balance sheet and like-for-like sales were up 2.9% during the period with growth of chilled and bakery products offsetting a fall in frozen food sales of 7.5%.

The group said: "We maintain our momentum and enter the second half of our financial year in a solid financial and operating position."

Chief executive Stefan Barden, said: "Northern Foods has shown its resilience during the first half, in tough market conditions.

"We continue to invest in our brands and businesses and we have a range of opportunities to drive shareholder value in the coming years. As usual, group sales and profits are weighted to the second half of our financial year. At this stage of the year, we expect to report results in line with market expectations."

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