Premier Foods Profits Up 4.5% in 2009
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.
16 Feb 2010 --- Premier Foods has announced its unaudited preliminary results for the year ended 31 December 2009. The Group has announced good progress in 2009 with branded sales up 6.5% and Trading profit up 4.5%. 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 were:
• Branded sales up 6.5% to £1,678m and market share gains across all our markets1
• Total sales up 2.2% to £2,661m
• Trading profit2 up 4.5% at £323m
• Profit before tax £47m versus a loss before tax of £405m in 2008
• Underlying cash generation of £60m
• Net debt at 31 December 2009 £1,365m
Commenting on the results, Chief Executive Officer, Robert Schofield said: “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're 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."
