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Full Year results for the year ended 31 December 2013 and Major Capital Restructuring Announced

  • 2013 Underlying Trading profit in line with market expectations
  • Adjusted PBT, adjusted eps and Net debt all ahead of expectations
  • Transformational new capital structure – £353m equity issue, £475m high yield bond, £300m Revolving Credit Facility
  • Landmark new pensions framework agreement

Premier Foods today announces its Full Year results for 2013, and a major capital restructuring.

Gavin Darby, Chief Executive Officer of Premier Foods, said:

“I am very pleased to report a strong 18% growth in Trading profit and significant underlying earnings progression in 2013. Through our category based strategy, we have delivered Grocery Power Brands sales growth of 2.0%, some good market share performances and progressively stronger customer partnerships. We continue to reduce business complexity through our disciplined approach to our cost base and have successfully reduced our Net debt by £120 million during the year.”

“I’m delighted we have concluded our capital structure review and are announcing a transformational new deal which includes an underwritten equity issue of approximately £353m, a landmark pension schemes agreement, a high yield bond of £475m and a new lending agreement with a smaller banking group. This new capital structure will liberate Premier Foods from its past and provides a great platform on which to execute our category based strategy. 

“Following the announcement to simplify the Group through the Hovis joint venture, we are now focused on growing a high quality branded Grocery business, with its strong underlying cash flows. While consumer spending trends are currently subdued, we are confident in our expectations for 2014.”

 

2013  2012  Change
Continuing operations
Revnue (£m) 856.2 1,070.9 (20.1%)
Trading Profit (£m)2 139.5 159.1 (12.3%)
Operating Profit before profit on disposals (£m) 55.0 50.6 8.7%
Adjusted earnings per share (pence) 25.9 28.2 (8.2%)
Underlying business
 Sales (excl. Milling( (£m) 1,282.5   1,297.4  (1.1%)
 Grocery Power Brand sales (£m)  543.5  533.1  2.0%
 Trading profit (£m)2  145.2  123.4  17.7%
 Adjusted profit before tax (£m)4  86.8  53.9  61.0%
 Adjusted earnings per share (pence)  27.7  17.0  63.7%

© Food and Drink Industry

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