Premier reports over £96m in operating profits

Premier Foods has revealed operating profits of £96.3m in its preliminary results for the year ended 31 December 2012.

According to the company, the preliminary results demonstrate its continued delivery against the priorities it set out at the start of the year.

Chief executive officer Gavin Darby said: “Premier Foods has many strengths and great potential. The management team did a great job in 2012 to lay the foundations for future growth and I am very excited to be working with them to develop and grow our power brands in the coming years. It’s important now to maintain continuity and focus on executing our existing strategies to build further momentum in grocery while rebuilding value in bread.”

Shore Capital analysts Clive Black and Darren Shirley said the trading profits of £123.4m released by Premier were broadly in-line with their expectations. They said: “After £21.6m of cash exceptional items though, which we see as non-recurring but not exceptional, underlying trading profits were £101.8m (Shore Capital estimate £105.4m).

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