Northern Foods has posted its first-quarter financial
results, with the food manufacturing giant announcing
reduced sales volumes in its chilled and frozen foods
First-quarter revenue across the company was up by 3.5%,
reflecting an average increase in prices of 5.5% over
the period to recover surging commodities prices.
However, volume was down by 2% across the company.
Revenue in its chilled foods arm rose by 2.1% due to the
price hikes, while volume dipped by 0.9% over the
period. Volumes of frozen foods, meanwhile, fell by
8.6%, with Northern Foods pointing to a drop in the
ready-meal market as a factor in the performance.
Its bakery division outperformed the rest of the group,
seeing volumes increase by 5.5%.
"The market environment remains challenging but we
continue to invest in our brands and own label business,
and at the same time drive greater efficiencies,? said
chief executive Stefan Barden.
?Our investment programme demonstrates our commitment to
keeping Northern Foods competitive and delivering
leadership in our chosen markets. We have a strong
balance sheet and a robust business model, leaving us
well positioned to succeed in difficult market