Losses treble at Premier Foods
Wednesday 23 July 2014
The food group Premier Foods is pinning its hopes of a turnaround on a relaunch of its Mr Kipling cake brand and the return of its Homepride Fred character after its half-yearly pre-tax losses more than tripled from £15.7m to £54.9m.
Sales at the group fell 6.1 per cent to £364.4m in the first half of the year as difficult market conditions in the supermarkets sector hit the food producer.
But its chief executive, Gavin Darby, said: “We grew profitability and most of our ammunition is yet to fire. The second half of the year will see a number of new product launches.”
It will double its marketing budget in the second half, compared with a year ago, and will launch TV and social media adverts for Mr Kipling in August. The Homepride Fred character will also return to television screens after a seven-year break.
For the period, Premier Foods said trading profit was up 2.1 per cent to £48.1m, better than analysts expected. The pre-tax loss was largely due to a write-off of financing costs.
Actress sees off speculation about her appearance in an amazing way
Review: Despite an uphill climb to see Jake Bugg in action, his performance is notably flat
Powerful images of strays taken moments before being put down
Review: Witty banalities aside, the comedian has an authentic voice
The Washington Post editor helped Bob Woodward and Carl Bernstein bring down President Nixon
- 1 Renee Zellweger on plastic surgery claims: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
- 2 Salisbury ranked seventh-best city in the world to visit in Lonely Planet’s Best in Travel 2015
- 3 Disney announces new female-led film Moana
- 4 Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
- 5 Russell Brand threatened with arrest after filming outside Fox News headquarters
Australian jihadist Abdullah Elmir vows Isis will fight 'until black flag is on the top of Buckingham Palace'
Renee Zellweger on plastic surgery claims: 'I'm living a more fulfilling life and I'm thrilled that perhaps it shows'
Chicago voter tells Obama 'don't touch my girlfriend' – Obama stays super smooth
Oscar Pistorius: The brutal prison life that awaits disgraced athlete
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Jose Manuel Barroso warns David Cameron against making 'historic mistake' over immigration reforms
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£20000 - £25000 per annum + OTE £Competitive: SThree: SThree Group and have be...
£23000 per annum + pension and 22 days holiday: Ashdown Group: An established ...