Premier Foods non-exec makes show of faith

19th Jun 2014 15:58

Pam Powell, a non-executive director of Premier Foods, has acquired 74,369 shares in the group one day after it warned that sales of its key brands were set to fall short of expectations this year. Powell paid 53.5p for each of the shares, spending a total of £39,787. The modest show of faith came as the group reassured investors cost cuts should still help it to report annual results in line with expectations.Premier said second quarter sales of its "power brands", which include Sharwoods curry sauces, Oxo, Bisto and Mr Kipling, were likely to be negative and below the group's expectations due to subdued grocery markets.However, it said its profit expectations for the year to December 31st 2014 remained the same due to cost management."As a result the company no longer expects power brand sales to grow by 2-3% for the year to December 31st 2014, as previously indicated," it said.Powell's stake in the group now stands at 160,366 shares. Top Director BuysSymphony International Holdings Ltd. (SIHL) Director name: Mr Anil ThadaniAmount purchased: 200,000 @ $0.70 Value: $140,000Telit Communications (TCM) Director name: Mr Oozi CatsAmount purchased: 64,802 @ 208.00p Value: £134,788Symphony International Holdings Ltd. (SIHL) Director name: Mr Sunil ChandiramaniAmount purchased: 150,000 @ $0.70 Value: $105,000RM2 International S.A. (DI) (RM2) Director name: Mr Jan DekkerAmount purchased: 100,000 @ 52.00p Value: £52,000Premier Foods (PFD) Director name: Ms Pam PowellAmount purchased: 74,369 @ 53.50p Value: £39,787Gresham Computing (GHT) Director name: Mr Hamish PurdeyAmount purchased: 18,554 @ 134.00p Value: £24,862Big Yellow Group (BYG) Director name: Mr Richard Cotton Amount purchased: 5,000 @ 461.40p Value: £23,070Goldenport Holdings Inc. (DI) (GPRT) Director name: Mr Alexis StephanouAmount purchased: 5,000 @ 345.00p Value: £17,250Horizon Discovery Group (HZD) Director name: Dr Darrin Matthew Disley Amount purchased: 10,000 @ 145.00p Value: £14,500Record (REC) Director name: Mr David John MorrisonAmount purchased: 40,000 @ 34.62p Value: £13,848Top Director SellsConsort Medical (CSRT) Director name: Mr Jonathan GlennAmount sold: 11,329 @ 872.00p Value: £98,789NR