Premier Foods posts a profit

AMY-JO CROWLEY

PREMIER Foods, the owner of Mr Kipling and Hovis, swung to a full-year profit yesterday after a turbulent 12 months.

Pre-tax profits at the food firm, whose new chief executive Gavin Darby has been working to turn its business around, jumped to £4.4m from a £259.1m loss a year earlier. Excluding disposals, underlying trading profit came in towards the top end of forecasts at £123.4m.

However, sales from its continuing operations were down 12.2 per cent to £1.75bn.

Shares in the firm closed up 5.6 per cent at 94.75p.