Hovis maker 'challenged' by retail woes
Published Date:
29 August 2008
By Jane Bradley
PREMIER Foods, the maker of Branston pickle and Hovis bread, yesterday said it had achieved the "key" price increases needed to cover surging commodity costs.
The firm, which also makes Mr Kipling cakes, described trading conditions as challenging but said it met profit target for the half year.
The profits figure fell 29 per cent to £3.6 million, but Premier said growth was weighted towards the second half as a result of the price rises, a factory closure programme and efforts to rejuvenate its Hovis brand.
Premier has invested £15m in the brand in 2008, including in recipe improvements.
The need for a turnaround was revealed in the firm's results, with bakery profits down 23 per cent to £14.6m. Significant price rises meant turnover still increased 16.1 per cent to £462.7m.
The full article contains 141 words and appears in The Scotsman newspaper.
-
Last Updated:
28 August 2008 8:50 PM
-
Source:
The Scotsman
-
Location:
Edinburgh
