July 20, 2017 / 6:17 AM / in a year

BRIEF-Premier Foods Q1 sales fall

July 20 (Reuters) - Premier Foods Plc

* Q1 trading update

* Q1 sales down (3.1 pct), in line with group’s expectations for quarter

* Q1 international sales up +20 pct

* Expectations for progress in full year remain unchanged

* “Q1 sales were lower than last year, as we expected, primarily due to lower sales volumes in grocery categories, notably desserts”

* “Expect to report positive sales growth in q2, broadly flat sales in first half”

* Anticipates stronger trends in q2, beginning to see reversal of reduction in multi-buy promotions which impacted grocery volumes

* Remains confident of delivering positive sales growth in quarter two and broadly flat sales for first half

* sg&a re-sizing programme is now complete and cost reductions, which are expected to deliver savings of 10 million stg this FY

* Group’s revolving credit facility with its bank syndicate are expected to be approximately 7 mln stg in current financial year Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)

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