Analyst meetings
22 March 2004
In accordance with its usual practice, Northern Foods will be meeting equity analysts today and tomorrow ahead of its financial year end on 31 March 2004.
At these meetings, Northern Foods will indicate that the group has continued to make progress with its cost reduction initiatives, and that further price increases are being achieved to mitigate the significant input inflation seen throughout the year. The biscuit business has achieved the expected uplift in sales and profitability after last year’s difficult trading.
Overall, underlying sales growth in the fourth quarter to date is slightly lower than in the previous three months, as reported in the group’s January trading update. Although this is putting some pressure on profitability in the final quarter, the company expects to report results for 2003/04 broadly in line with expectations.
Contacts
Hilary Baker/Debbie Sutton at Northern Foods on 0113 390 0110