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Retail

Premier Foods Sees Profit At Top End Of Market Estimates

Premier Foods has said that it expects annual trading profit to be at the top end of market expectations, as the coronavirus pandemic fuelled a short-term peak in volumes in March.

It said that group sales in the fourth quarter are expected to have grown by approximately 3.6% compared to the same period last year, and by approximately 10.5% in March alone.

In the UK, sales are expected to have increased around 7.3% in the fourth quarter and 15.1% in March.

Pensions Schemes

The Mr Kipling cakes maker also said it had agreed to a segregated merger of its pensions schemes that will save it £4 million annually from fiscal year 2020 and also provide "greater funding certainty" for its pension schemes members.

"The segregated merger of the company's pensions schemes we are announcing today represents a ground-breaking agreement which is set to unlock benefits and value for all stakeholders in the company, leveraging the strength of the RHM scheme and substantially improving the position of the Premier Foods schemes," commented Colin Day, chairman.

"The group will continue to pursue its successful branded growth model strategy, opening up further opportunities to deliver value in due course."

News by Reuters. Additional reporting by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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