Premier Foods (PFD)

Sector:

Food

Index:

FTSE Small Cap

45.20p
   
  • Change Today:
      0.95p
  • 52 Week High: 46.60
  • 52 Week Low: 18.46
  • Currency: UK Pounds
  • Shares Issued: 848.26m
  • Volume: 991,776
  • Market Cap: £383.41m
  • RiskGrade: 385

Premier Foods CEO survives re-election vote; Q1 sales up 1.7%

By Michele Maatouk

Date: Wednesday 18 Jul 2018

LONDON (ShareCast) - (Sharecast News) - The chief executive officer of Mr Kipling and Bisto owner Premier Foods survived an attempt to oust him on Wednesday, as the company posted a rise in first-quarter total group sales and said expectations for the year remain unchanged.
At the company's annual general meeting, 59% of shareholders voted in favour of Gavin Darby's re-election, after shareholders Oasis Management and Paulson & co called on other shareholders to push him out.

Chairman Keith Hamill said: "A majority of shareholders who voted followed the board's advice in supporting the re-election of Gavin Darby, CEO, to the board of the company, and the board appreciates their support.

"Over recent weeks we have had discussions with a substantial proportion of the major shareholders, which has included listening to the concerns expressed by those whose support we have still to earn. The board will give careful consideration to all shareholders' views. Discussions with shareholders will continue, including matters arising from voting at the AGM."

"The board is committed to continuing its strategy of improving performance and reducing net debt, while working in parallel to identify other strategic opportunities to accelerate the company's turnaround to create value for shareholders."

Earlier on Wednesday, the group releases a trading update for the 13 weeks to June, which revealed that total sales were up 1.7%, with branded sales 1.1% higher and non-branded sales up 4.8%. Meanwhile, international sales grew 4% during the quarter.

The company said sales were driven by a particularly good performance from its largest brand, Mr Kipling, following a relaunch in March. In the grocery business, Batchelors continued to display the "excellent" growth trend it has deliver over the las t year, while sales of Bisto were slower towards the end of the first quarter as category volumes dropped due to the warmer weather.

Angel Delight saw double-digit sales growth again in the first quarter, while Loyd Grossman sales were fell due to changes in the phasing of promotional activity. Nissin branded products Soba Noodles and Cup Noodle grew by nearly 80% compared to the same period a year ago.

Cadbury cake sales in the UK were lower in the early part of the quarter as expected due to Easter falling in the previous quarter, while non-branded sales were down £0.4m as the group exited two customer contracts.

"The group's expectations for progress in its key priorities in the full year remains unchanged, and as previously communicated, weighted to the second half of the year. The board is committed to continuing its strategy of improving performance and reducing net debt by £25m per annum, while working in parallel to identify other strategic opportunities to accelerate the company's turnaround to create value for shareholders."

At 1640 BST, the shares were down 4.2% to 44.85p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Premier Foods Market Data

Currency UK Pounds
Share Price 45.20p
Change Today 0.95p
% Change 2.15 %
52 Week High 46.60
52 Week Low 18.46
Volume 991,776
Shares Issued 848.26m
Market Cap £383.41m
RiskGrade 385

Premier Foods Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
75.67% above the market average75.67% above the market average75.67% above the market average75.67% above the market average75.67% above the market average
86.21% above the sector average86.21% above the sector average86.21% above the sector average86.21% above the sector average86.21% above the sector average
Price Trend
82.52% above the market average82.52% above the market average82.52% above the market average82.52% above the market average82.52% above the market average
80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average
Income Not Available
Growth
9.26% below the market average9.26% below the market average9.26% below the market average9.26% below the market average9.26% below the market average
40.00% above the sector average40.00% above the sector average40.00% above the sector average40.00% above the sector average40.00% above the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Premier Foods Dividends

No dividends found

Trades for 22-May-2020

Time Volume / Share Price
16:35 113,664 @ 45.20p
16:29 701 @ 44.60p
16:29 1 @ 44.60p
16:29 1,357 @ 44.60p
16:29 18 @ 44.60p

Premier Foods Key Personnel

CEO Alex Whitehouse
CFO Duncan Leggett

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