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Premier Foods posts lower sales, changes strategy

Reuters - UK Focus

LONDON, May 16 (Reuters) - Premier Foods (Frankfurt: A1JWNB - news) reported lower sales and earnings on Tuesday, citing tough trading conditions, and announced a change in strategy to focus more on cost efficiencies and cash generation.

The maker of Mr Kipling cakes and Bisto gravy said full-year group underlying sales fell 1.4 percent to 790.4 million pounds ($1.02 billion).

Adjusted profit before tax fell 11.8 percent to 74.2 million pounds, and adjusted earnings per share fell 12.2 percent to 7.2 pence in the year ended April 1.

"With (Other OTC: WWTH - news) the industry changing rapidly, we have updated our strategy to give an equal focus to revenue growth, cost efficiencies and cash generation," Chief Executive Gavin Darby said in a statement.

($1 = 0.7743 pounds) (Reporting by Martinne Geller; Editing by Mark Potter)