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Northern Foods expects in line profits

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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Ready meals group Northern Foods said although profits are weighted more towards the second half, at the half way stage, it remains on schedule to deliver pre-tax profits in line with expectations.

Total revenue in the first half rose 6.5% and underlying revenue increased 3.9% on the prior year. Underlying revenue was driven by recovering input cost inflation through selling price increases averaging 5.6%, which offset lower volumes of 1.7%.

“As expected, commodity price movements and a stronger Euro have provided
challenging operating conditions,” said the group.

“However, our food propositions continue to be well received by the market, we are achieving a full recovery of higher input costs and we continue to drive cost efficiency improvements,” it added.

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