UK-based food group Premier Foods, which owns the Bisto, Oxo and Ambrosia brands among others, has seen its underlying sales down 1.8% due to ‘weak Grocery sales’ (-4.0%) in the first half of its financial year.
However, this was offset by a good performance in the group’s Sweet Treats and International operations.
The group said that its Q2 grocery sales were down 9.5% due to warmer weather after a strong Q1.
Underlying trading profit for the half stood at £48 million, which was £2 million lower, due to increased marketing investment.
"We remain very confident in our strategic progress, our customer relationships are strong and we have an extensive new product innovation programme planned for the balance of the year,” said Gavin Darby, Chief Executive Officer.
“We expect Group sales to grow between 2-4% in the second half of the year and our profit and Net debt expectations for the full year remain unchanged."
© 2016 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.
