Flat Sales and Underlying Profit at Northern Foods
UK convenience food group Northern Foods has reported flat full year underlying profit of £39.2m on revenue slightly ahead from £975.2m to £977.0m. After restructuring items of £26.6m, primarily reflecting the closure of the Hull ready meals facility following the loss of the site’s anchor customer, and the impairment arising from the group’s Swansea site, profit before tax was £7.4m, down from £12.1m in the previous year when restructuring items totaled £35.4m.
Stefan Barden, chief executive of Northern Foods.
“Northern Foods has traded solidly in challenging market condtions. We expect these conditions to continue, but we remain well positioned for the future,” says Stefan Barden, chief executive of Northern Foods. “Even during these uncertain economic times we continue to invest in brands, cost efficiency and technology to deliver long term shareholder value supported by our strong financial position.”
