LONDON (ShareCast) - Pam Powell, a non-executive director of Premier Foods, has acquired 74,369 shares in the group one day after it warned that sales of its key brands were set to fall short of expectations this year.

Powell paid 53.5p for each of the shares, spending a total of £39,787.

The modest show of faith came as the group reassured investors cost cuts should still help it to report annual results in line with expectations.

Premier said second quarter sales of its "power brands", which include Sharwoods curry sauces, Oxo, Bisto and Mr Kipling, were likely to be negative and below the group's expectations due to subdued grocery markets.

However, it said its profit expectations for the year to December 31st 2014 remained the same due to cost management.

"As a result the company no longer expects power brand sales to grow by 2-3% for the year to December 31st 2014, as previously indicated," it said.

Powell's stake in the group now stands at 160,366 shares.


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