LONDON May 16 Premier Foods reported
lower sales and earnings on Tuesday, citing tough trading
conditions, and announced a change in strategy to focus more on
cost efficiencies and cash generation.
The maker of Mr Kipling cakes and Bisto gravy said full-year
group underlying sales fell 1.4 percent to 790.4 million pounds
Adjusted profit before tax fell 11.8 percent to 74.2 million
pounds, and adjusted earnings per share fell 12.2 percent to 7.2
pence in the year ended April 1.
"With the industry changing rapidly, we have updated our
strategy to give an equal focus to revenue growth, cost
efficiencies and cash generation," Chief Executive Gavin Darby
said in a statement.
($1 = 0.7743 pounds)
(Reporting by Martinne Geller; Editing by Mark Potter)