Quorn and Cauldron brew massive profits jump for Premier Foods
Herts-based Premier Foods has attributed a massive rise in revenues, which more than doubled profits for the first half of 2006, to the successful integration of its meat-free acquisitions, Quorn and Cauldron.An increase in marketing of Quorn products helped lift total sales from continuing operations 18.4 per cent to £431m (2005: 364m) while pre-tax profit was up 123.2 per cent to £27.9m (2005: £12.5m).
Robert Schofield, chief executive of Premier Foods, said: “We are delighted with the performance of Quorn where the additional marketing investment we have put behind the brand has resulted in double-digit sales growth.
“The outlook for the remainder of the year remains in line with our expectations, with our branded sales performance helping to offset the utility and energy-related cost pressures we are seeing in the supply chain.
“We are very excited by the proposed acquisition of Campbell’s UK and its portfolio of iconic British brands and look forward to taking full control of the business and beginning its integration into Premier over the second half.”