Pre-close update
22 March 2005
Trading
Since our Trading Update on 10 January 2005 we have been performing in line with our expectations at that time. Accordingly, Northern Foods anticipate that profit before tax and exceptional items for the year ended 31 March 2005 will be around £80 million.
The market remains very competitive, but we are continuing to make good progress with our efficiency and restructuring programmes.
Our preliminary results for 2004/5 will be announced on 1 June 2005.
Pensions
As part of our programme to address the pension deficit, we will make a special contribution to the Pension Scheme of £50 million over the next fifteen months - £20m will be paid in before the end of Northern's current financial year, a further £20m in the 05/06 financial year and the final £10m in 06/07.
The existing scheme has been closed to new entrants and a new scheme will be introduced for new employees
Contacts
Hilary Baker/Debbie Sutton at Northern Foods on 0113 390 0110