Premier Foods director tops up stake after results underwhelm

26th May 2015 14:59

Ian Krieger, a senior independent director at Premier Foods, raised his stake by a third just a few days after the foods producer underwhelmed the market with an in-line set of annual results.The company said on Tuesday that Krieger, who joined the board as a non-executive director in 2012, on Friday bought 100,000 shares at a price of 44.35p each, spending £44,350.The transaction took his total holding to 404,000 shares, equal to a 0.049% stake.Krieger, a chartered accountant who used to be the vice chairman of 'Big Four' accountancy group Deloitte, is also a director of Safestore and Capital & Regional.Premier Foods on 19 May reported revenues of £964.3m for the 15 months to 4 April 2015, compared with £843m for the 12 months to 31 December 2013 - the company had changed its year-end date.On a pro forma basis for the 12 months to 4 April 2015, branded sales were down 4.1% at £683.7m, while the adjusted pre-tax profit improved 11.1% to £83.2m.While results broadly met analysts' expectations, the company's chief executive Gavin Darby said the near-term trading environment was expected to be "challenging".The stock has dropped 9% since results were announced last Tuesday.Top Director BuysPremier Foods (PFD) Director name: Mr Ian Krieger Amount purchased: 100,000 @ 44.35p Value: £44,350Mcbride (MCB) Director name: Mr Rik De Vos Amount purchased: 20,000 @ 98.00p Value: £19,600