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The short trade in PFD will be the wrong trade today, and going forward short term.
Please use the sharing tools found via the email icon at the top of articles. Copying articles to share with others is a breach of FT.com T&Cs and Copyright Policy. Email licensing@ft.com to buy additional rights. Subscribers may share up to 10 or 20 articles per month using the gift article service. More information can be found at https://www.ft.com/tour. https://www.ft.com/content/5079a5f8-5805-11e8-b8b2-d6ceb45fa9d0 British food producer Premier Foods has achieved its best sales performance in five years as UK consumers have tightened their belts on clothes and furniture shopping but continued to stock up their pantries.� The company, which produces household brands in the UK such as Bisto gravy, Batchelors noodles and Mr Kipling cakes, said revenue rose 3.6 per cent to �819.2m in the year to March, which was its fastest rate of growth in half a decade. Pre-tax profits increased by 74 per cent to �21m.� �The group notes the different trends seen between food and non-food sections of the UK consumer goods market, with food sector sales demonstrating stronger trends through the year,� Premier said alongside its results. Premier�s grocery revenues rose 4.6 per cent during the year. At its non-branded business, which makes food for retailers, revenues climbed 12.1 per cent.� In the past three months, Premier�s grocery sales soared by 9.4 per cent, while group sales rose 7 per cent, somewhat held back by lacklustre trading in its �sweet treats� unit that produces cakes and desserts.� UK consumer spending is declining overall, with an analysis of credit and debit card payments by Visa having shown that household expenditure was 2 per cent lower in April than the same month last year. Spending has now fallen on this measure for 11 of the past 12 months.� Similarly, a monitor produced by the British Retail Consortium and KPMG showed that sales in British retailers� shops fell 4.2 per cent last month compared to April 2017.� Supermarket sales have shone through the gloom, however, with weak recent performance by restaurant groups and fast-food chains suggesting consumers are spending more on groceries while eating out less.� Casual dining groups including Prezzo and Jamie�s Italian have struck lifeline deals with their landlords to shut restaurants and lower their rent bills, while value operators Greggs and JD Wetherspoon have reported a slowdown.� �In the year ahead, we expect to make further progress on our key priorities, building on the strong momentum we created in 2017/18,� chief executive Gavin Darby said.� Source: FET.
Oldie, If you were Darby, won�t you have bragged with an update saying things are looking good in order to support the SP. When things were not so bad, Darby painted a gloomy picture..........why didn�t he ramp the company�s prospects up. I am a shareholder looking to dump on any spike up and go all in BT. I don�t short as I don�t do leverage trades.
Positive noises coming from the group, especially regarding international sales growth - which will be attractive to any potential suitors. Debt costs are still annoyingly high.
Hopefully GD will perform like a dog with two dicks on the conference call....the analysts and the press will be positive and the SP will move forward accordingly. As you say Oldtimer, reasons to feel positive this morning
I think this is the first rns in the last 5 years where I haven't felt depressed , things are looking up and NOW we can look forward to some takeover bids.
I really think they might have turned a corner now.......but a note of caution.....what is round the corner ?
I guess you are a shorter but I don't think these results are going to help you, you should sell now fast before you loose everything. the sp is going north fast.
What are you on about needing proof, As far as I can see they look much better than was thought to be, even taking advantage of the cold weather in the last qtr with sales up 7%. Total sales up, total profit up total debt down. Apart from wanting 20% growth what more do you want. Now I can see the sp moving up if there is a good Con / call at 9 am. Maybe just maybe we have turned the corner.
Oldtimer, Do you believe the numbers? Same Darby who couldn�t wait to issue profit warnings and bad trading conditions forgot to say things were going to be better this time. This numbers are just for the bond investors only.
Full year revenue up +3.6%; H2 revenue up +5.3% � Trading profit growth of +5.1% to �123.0m � Adjusted profit before tax up +5.9% to �78.6m � Statutory profit before tax up +74.2% to �20.9m; basic earnings per share 0.9 pence � Net debt �496.4m; a �26.8m reduction on prior year � Net debt/EBITDA3 reduced to 3.56x � Improvement in aggregate pensions surplus to �317.0m � Ahead of revenue, Trading profit and Net debt market expectations for the full year � Extended revolving credit facility and launched offering of new �300m 5 year Senior Secured fixed rate notes
My tongue was firmly in my cheek !!!! I am hoping for the best tomorrow, but instinct tells me that he will preside over any disaster. Surely he will have to go if he does ?
Oldtimer, That�s what they call slow liquidation, Darby is a Ponzi artist and Godknows how much kick backs goes to him every time he borrows at super high rate.
Dogger, You want Darby to match 31.5p?
I see Asda are pushing the new Batchelors super rice and sauce pots products, I wonder just how many other major supermarkets are stocking the product and wonder how well it is selling ? Could find that out as well tomorrow with fantastic profits all round, then sp up to 60p.
Was the SP two years ago, just before the offer. Come on Gavin.....can you match that tomorrow?
Really was a silly idea, perhaps they should have tried to make a ''custard style'' ice cream instead or even a Yogurt. As for Paul Holywood, dare I say any more?
I just can�t help myself being hopeful about tomorrow......but I know I will be let down AGAIN
To think that before they used to have some great brands like, Hovis, Branston, Sarsons, Gales Honey, plus plus plus and they sold them all off and we still have something like �520m debt. Apart from some small tweeks on some products when did they last launch a great big selling NEW product.
Frozen custard, what idiot thought of that one! If the sales figures are not very strong. Something must be done to remove the current CEO and Directors! Come on McCornick make another offer 60p should do it, or maybe 50p, or a share swap. Anything to get PFD making strong profits again! To think this was once in the �7-�8 a share range!
Can't wait to hear how sales of Ambrosia Frozen Custard and Paul Hollywood products are selling. Oh, looks like the frozen custard has been dropped by most/all supermarkets !!! I am sure that the double digit growth of tiny overseas sales will be all that he is harping on about.
Not sure anybody here believe oasis really care about PFD, they are not pushing Darby to change even with 9%. Hopefully the dumb analcysts got my messages and grow some balls to ask Darby to explain why we are trading significantly below 65p offer of April 2016 and to consider stepping down while the company is put up for sale. Nissin either has no balls or just impotent to go all in.
2re, We all know that the company should be trading near 65p but the evil Darby is pushing us lower on purpose. Something sick is going on and makes no sense. Complained to the FCA but I guess Darby is untouchable at the moment.
Good morning to you, yes many of us are moaning but only because we are frustrated by GD actions and poor results so far. Oasis must have been on the board for what about a year now so know just what's been going on and what is about to happen and still haven't sold. As I mentioned this week there must have been some sort of decision made about the future plans looked at by 1 of the big accountant firms and maybe we will hear more about that this week, and even possibly a sale of Batchelors. as well as Mammoth sales and profits.
I'm as P***** off as anyone on this BB, but we need to stop comparing this to companies that have failed. The only hedge fund that relates to this stock is Oasis. They hold 9% of the shares, why were they allowed a seat on the board on the understanding they hold no more than 15% of the shares? what did the board know about the potential of the company that may have compelled Oasis to want to buy more than 15% of the company?