Premier Foods (PFD.L, PFD LN)
Premier Foods is a UK-centric packaged foods company. It comprises two main divisions - Grocery and Sweet Treats - which account for c.95% of revenues. Its portfolio of brands includes many familiar household names such as Oxo, Bisto and Mr. Kipling. In April 2014, Premier completed a major capital refinancing plan to reduce leverage, diversify sources of funding and provide a longer-term funding arrangement with its pension schemes. Premier's new management team has set out its stall with regards to its growth objectives - in order for it to return to volume growth, it must drive category growth. Premier is the leading branded player in several categories within the ambient grocery market: cooking sauces & accompaniments, flavours & seasonings, easy eating, ambient desserts and ambient cakes. All these categories are experiencing low to moderate growth in the UK and most have a significant private label presence. As a result, category innovation, marketing and promotion have been low.
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