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Premier integration ahead of schedule
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28/08/2008
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Premier Foods announced today (28 August) that the integration of its purchases RHM and Campbell's was ahead of schedule with six out of nine unwanted factories already closed.
Chief executive Robert Schofield said despite the challenging consumer environment, Premier’s six month profit target had been hit.
He went on: “At the same time we have continued to lay down the foundations for Premier's transformation into a modern, integrated and very competitive UK food group. Our vision remains on track.
Specifically, Schofield said, the integration of RHM and Campbell's was “now ahead of plan, and we have closed six out of the nine factories scheduled for closure”.
Management systems were being “revolutionised” with what Schofield called the “seamless introduction” of a single SAP IT platform.
“We have achieved the key price increases that were needed to recover input cost inflation seen to date and have continued to invest behind our unrivalled portfolio of brands and staple food products to ensure they prosper through the current difficult economic conditions,” he said.
"Now we have commenced the rejuvenation of Hovis, our largest brand, with significant quality improvements and an exciting marketing campaign that starts next month, which we believe will return it to growth.
"Our expectations for the year as a whole remain unchanged, with progress weighted towards the second half as the benefit of all these fundamental actions begin to flow through. The Group will reap the fuller rewards from this strong platform in 2009 and beyond as our focus shifts towards further brand building and innovation."
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Author
Ken Hurst
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