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Date: Tuesday 13 May 2008

LONDON (ShareCast) - Shares in Hovis and Campbell's Soups owner Premier Foods improved as the group passed on most of the increases in foodstuff costs seen last year.

"Sales growth of 6.3% primarily reflects the pricing action taken to recover the cost inflation we experienced in the second half of 2007 and we are pleased to have now implemented the necessary price increases. Trading profit is also in line with our expectations with, as previously indicated, the synergies from the integration of Campbell's and RHM being broadly offset by the delay in recovering cost inflation and lower bread volumes compared to the same period in 2007," it sid.

Grocery sales were 2.4% higher in the first four months of 2008. Recovery of commodity cost inflation is the main driver of the sales growth with sales volumes broadly in line with last year.

Bakery and milling sales were 14.4% higher in the first four months compared to the same period in 2007, due to higher prices partly offset by lower volumes. Sales of Hovis stabilised.

"We expect sales growth through the remainder of the year to continue primarily to reflect pricing movements to recover cost increases. As noted at the time of our preliminary results, we anticipate that progress in 2008 will be weighted towards the second half and our expectations for the year remain unchanged, " chief executive Robert Schofield said.

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