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Trading statements

PFD posts FY pretax loss from continuing ops

17 May 2016 09:01

Premier Foods has posted a much-reduced FY pretax loss from continuing operations of GBP13m, from a loss of GBP135.6m.

The comparative period was hurt by a GBP83.9m impairment of goodwill and property, plant and equipment, versus nil in the just-finished leg.

Revenue was lower at GBP771.7m, from GBP964.3m. It has also appointed Tsunao Kijima as a non-executive director from July 21, pursuant to the terms of the Relationship Agreement between the Company and Nissin Foods Holdings Co., Ltd ("Nissin") dated April 23.

CEO Gavin Darby commented:

"We are very pleased to report sales growth both in the year and the fourth quarter in what continues to be a deflationary market.

"Our strategy of investing behind our brands and bringing new innovative products to market continues to deliver very positive results, with six of our major brands growing on average +3.4% in the year.

"The Sweet Treats business reported sales growth in every quarter of the year while the International business also displayed excellent progress during the year with sales up +18%6.

"Our adjusted earnings per share increased by +4.6% in the year, we reduced Net debt by over £50m and on an accounting basis our pension schemes have an improved financial position.

"We recently set out some additional strategic initiatives which we believe will further accelerate our growth and now expect to deliver sales growth of 2-4% in both FY16/17 and the medium term.

"The potential opportunities presented by our partnership with Nissin are also very exciting. The Board is focused on delivering shareholder value and we see a strong future for Premier Foods with its leading category positions, great brands and strong operational cash flows."

At 9:01am:

(LON:PFD) Premier Foods PLC share price was +1.38p at 40.63p

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