Tuesday, September 26, 2017

Hovis breadmakers announce strong first half sales

9

The maker of Hovis bread, Premier Foods, have reported strong sales in its bread division as sales rose 8.2 percent to £356m.

It also lessened its losses to £23.5m in the six months to the end of June. In the same period last year, it recorded a loss of £45.8m.

The company have now grown sales in its Grocery Power Brands for six consecutive quarters and increased sales by 4 per cent.

However, the reorganisation and closure of three bakeries and two distribution sites has cost the business £12.4m.

In a statement accompanying the interim results, chief executive Gavin Darby said: “A 50 per cent increase in Trading Profit is a very encouraging result given the highly competitive environment. This shows that our turnaround strategy is delivering at the bottom line.

“We have already completed the actions to deliver the promised £20m of overhead cost savings for 2013 and continue to keep a tight control over costs.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here