Premier Foods’ executive director and chief financial officer (cfo) Mark Moran is to leave the firm, in what City analyst Panmure Gordon called further evidence that “the revolving door continues to spin”.
Premier Foods has split its bread business and upped sales in Hovis over the last quarter, but it has a lot more work to do and distribution is the sensitive issue that needs to be addressed, says an analyst.
Analysts note the ‘truly awful’ financial results for 2011 from Premier Foods as the UK group announced a £259.1m (€312.6) pre-tax loss for the full-year after writing down the value of its bread division.
Several private label and secondary and tertiary brands such as Paxo Stuffing are likely to be divested by Premier Foods in the coming months, claim analysts, as the UK manufacturer gets breathing space from investors.
After Premier Foods’ announced this week that it plans to up its spend on ‘power brands’ such as Hovis, Investec analyst Martin Deboo told BakeryAndSnacks.com that UK bread was a “terrible industry” to be in due to industry overcapacity.
Premier Foods CEO Michael Clarke says he is pursuing a strategy of 'category blur' to revive the company’s disappointing trading performance, as he announces new marketing ammunition for the bakery and snack ‘power brands’ central to the approach.
The £34.7M sale of Premier Foods’ four Irish brands, Chivers, Gateaux, McDonnells and the Erin licence, to the Boyne Valley Group underline worries about the food giant’s ability to generate cash, one leading analyst has warned.
Troubled food giant Premier Foods still has a mountain to climb despite ceo Michael Clarke’s decision to restructure the business and appoint two new managing director (mds), according to city analysts.
Premier foods will need to focus on revitalizing the likes of Hovis to drive growth, leveraging prominent trends such as health and nostalgia said Datamonitor, as the company posted pre-tax loss from continuing businesses of £98m, versus a profit of £42m...
Rank Hovis is to increase the price of flour by £89.37 per tonne, effective 6 September, Lawrence Watson, head of sales and marketing, revealed exclusively to our sister publication British Baker earlier this week.
UK food processor Premier Foods remains undaunted by last year's
rising raw material costs and unseasonably warm summer weather -
posting a 12 per cent rise in pre-tax profits in its preliminary
results announced yesterday.