FDBusiness.com

Profit Warning From Premier Foods

 Breaking News
  • Carlsberg Group Increases Ownership of Super Bock Group in Portugal The Carlsberg Group has acquired 28.5% of the shares in Viacerm which is the controlling shareholder of Super Bock Group, holding 56% of the shares. The other 44% of the shares in Super Bock Group are owned by Carlsberg. Super Bock Group is the market leader in Portugal, holding a market share of 47% with a [...]...
  • UK Restaurant Numbers Fall 2% in a Year The number of restaurants in Britain slipped by 2.0% over the year to September 2018, the new edition of the Market Growth Monitor from CGA and AlixPartners reveals – equivalent to more than 10 closures a week. The exclusive research shows that Britain had a total of 26,892 restaurants at September. The net fall of 539 [...]...
  • ABP’s Olleco on Shortlist For Davos Sustainability Award ABP Food Group’s renewable division, Olleco, has been shortlisted for a prestigious ‘Circular’ sustainability award for its development of a circular economy model with McDonald’s and Arla Foods in the UK. The awards are an initiative of the World Economic Forum and the Forum of Young Global Leaders and winners will be announced at the [...]...
  • Arla Foods Acquires Middle East and Africa Kraft Branded Cheese Business From Mondeléz International European dairy co-operative Arla Foods has reached an agreement with US-based international confectionery, food, and beverage company Mondeléz International to acquire its processed cheese business in the Middle East region, which is currently licensed under the Kraft brand. The acquisition also gives Arla full ownership of a state-of-the-art cheese production site in Bahrain, which provides [...]...
  • UK Grocery Market Growth Cools as Christmas Nears Despite retailers and shoppers getting into the festive spirit, the latest grocery market share figures from Kantar Worldpanel, for the 12 weeks to 2 December 2018, show the sector is now growing at 2.0% – its slowest rate since March 2017. Fraser McKevitt, head of retail and consumer insight at Kantar Worldpanel, comments: “Consumers are benefiting [...]...

Profit Warning From Premier Foods

Profit Warning From Premier Foods
January 19
10:28 2017

Following a decline in third quarter sales, despite six out of eight of its major brands gaining volume and value market share, Premier Foods has warned that its revenue and trading profit for the full year will be lower than previously anticipated.

“Sales in our third quarter were weaker than expected despite a strong December. We now expect category performance to remain challenging during the fourth quarter and as a result sales will be below previous expectations,” explains Gavin Darby, chief executive of Premier Foods. “Additionally, recovery of significant input cost inflation in certain areas is taking longer than originally foreseen. Consequently, we now expect trading profit for FY16/17 to be approximately 10% below previous expectations.”

The UK convenience food group is about to commence a substantial three year cost reduction and efficiency programme designed to significantly improve operational efficiencies in the supply chain from FY17/18, particularly in warehousing and distribution. Additionally, the group will continue to streamline processes in all business units and is actively exploring further opportunities to deliver significant cost savings across its SG&A cost base. This programme is expected to deliver incremental cost savings of £10 million from FY17/18 with equivalent further savings the following year.

“This programme will support the company’s twin goals of delivering trading profit and free cash flow while investing in innovation and consumer marketing,” he says.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • June 18, 2019Multimodal 2019
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements