Bisto maker’s stock rises as profits pour in
Cost savings and a sixth consecutive quarter of growth for its frontline brands, which also include Ambrosia and Batchelors, meant losses for the six months to June 30 were cut by around half to £23.5m.
Its shares jumped after Premier added that profits at a trading level should be around the top of City expectations for the whole of 2013.
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Hide AdChief executive Gavin Darby, the former telecoms boss who took over after Michael Clarke’s shock exit in January, described the company’s half-year performance as “very encouraging” given the level of competition in the food industry.
Trading profits rose by 50 per cent to £47.4m, with sales of its key brands up by four per cent after a marketing campaign for Ambrosia and Bisto and Oxo reinforced their leading positions.