Premier Foods profit in line

15th Oct 2009 07:28

Hovis to Branston Pickle maker Premier Foods said it remains confident of achieving full year pre-tax profits within the range of market expectations.The range of market expectations for adjusted profit before tax for 2009 is £162m-£186m, the group said.Sales were up 1% in third quarter and up 3% in first nine months. Total branded sales were up 6% in the 13 weeks to 26 September, while UK Grocery branded sales increased 4%. Sales of Hovis branded bread jumped by 22% in third quarter. Retailer brand sales were down 8%, primarily due to lower sales of bread and bulk flour. 'We are pleased by the progress that the business has made in a tough trading environment,' said chief executive Robert Schofield.'As we enter the important Christmas trading period, in what is a competitive environment, we remain confident of achieving adjusted profit before tax for the full year within the range of market expectations,' he added.