Premier Foods blames Aldi and Lidl after profits warning that wiped 15 per cent off company's value
Premier Foods blamed Aldi and Lidl after a profits warning that wiped 15 per cent off the company’s value.
The food group behind Mr Kipling warned of exceedingly poor trading as most ranges, including Oxo cubes and Bisto gravy, are only stocked in large supermarkets.
Premier has a small range of products in cut-price grocers.
Hit hard: The food group behind Mr Kipling warned of exceedingly poor trading as most ranges, including Oxo cubes and Bisto gravy, are only stocked in large supermarkets
Britain’s ‘big four’ grocers have been hammered by the ascent of the German discounters, which now account for around 8 per cent of the UK market. In an attempt to respond, the group is selling second tier brands such as Bird’s Custard and Paxo stuffing in stores.
Premier warned that third quarter sales fell by 4.7 per cent, which would push annual profits ‘towards the lower end of expectations’.
Shares fell nearly 15 per cent to finish 5p lower at 29.25p, wiping £33.5m off the value of the company.
Chief executive Gavin Darby said: ‘There has been a very big change in consumer patterns, and shoppers are moving away from the big stores.’
Most watched Money videos
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Footage of the Peugeot fastback all-electric e-3008 range
- Mercedes has finally unveiled its new electric G-Class
- Land Rover unveil newest all-electric Range Rover SUV
- Mini Cooper SE: The British icon gets an all-electric makeover
- Introducing Britain's new sports car: The electric buggy Callum Skye
- Paul McCartney's psychedelic Wings 1972 double-decker tour bus
- Top Gear takes Jamiroquai's lead singer's Lamborghini for a spin
- Incredibly rare MG Metro 6R4 rally car sells for a record £425,500
- A look inside the new Ineos Quartermaster off-road pickup truck
- Kia's 372-mile compact electric SUV - and it could costs under £30k
- Leapmotor T03 is set to become Britain's cheapest EV from 2025
- What is the state pension triple lock plus plan - and how...
- ECB rate cut forecast adds pressure on Bank of England to...
- Hospitality group Revolution Bars rejects Nightcap...
- Shop price inflation falls to lowest levels since...
- SALLY SORTS IT: I ordered a blonde wig after my breast...
- One of Britain's rarest coins EVER sells for $1m at...
- AA adds fully electric recovery trucks to its fleet
- Victorian Plumbing sees profits jump in first half...
- BUSINESS LIVE: Revolution rejects Nightcap offer; Bunzl...
- I fear a Labour government would raid pensions...
- Major car maker forced to scrap 70-year tradition due to...
- Can I move my non-refundable booking.com hotel...
- Czech Sphinx will cut up to 1,000 Royal Mail jobs if...
- Flora margarine and Branston Pickle-maker Princes Group...
- ALEX BRUMMER: Copper displaces diamonds as Anglo American...
- Boohoo facing shareholder revolt on bosses' bonuses after...
- Experts reveal if you should buy or sell a house before...
- I have £400k in savings and no mortgage so why do I still...