Food for thought – Premier Foods confident following Brexit
Premier Foods plans to invest up to £44m in marketing this year unchanged by Brexit vote
Premier Foods has released its trading update for the first financial quarter of 2016, posting sales growth and saying that it expects to avoid any economic fallout from the Brexit.
Overall, the group’s sales were up 1.9 per cent for the 13 weeks to 2 July. The grocery division enjoyed the same amount of growth as the inclusive figure, while the company’s sweet treats offering received a slightly higher boost of two per cent.
The maker of Mr Kipling, and Loyd Grossman sauces said that while it recognised the broader implications of the UK’s vote to leave the European Union, the financial impact on its own business was anticipated to be “low”.
As previously announced, the company will go ahead with plans to invest between £42m to £44m in consumer marketing in the coming financial year, with nine of its key brands still poised to launch TV ads in 2016/17.