Premier Foods' Q2 sales down

Premier Foods (PFD) shed 9.57% to 47.25p as it said Q2 total sales were £172.5m, down 5.4% on the prior year.

In H1, group sales fell 1.8%, while trading profit was seen slightly down on the prior year. Its FY profit expectations remained unchanged due to careful management of costs.

"The Sweet Treats and International businesses performed well in the second quarter," the company said in a statement.

"However, the month of September was the second equal warmest since records began and every week in the quarter was warmer than the prior year.

"This had a resultant significant adverse impact on some key Grocery categories in the quarter; for example, the Gravy and Stocks category declined 13% in volume terms and the Desserts category decreased by 9%. Consequently, Grocery branded sales in the quarter were materially lower than expected at (9.5%)."

At 9:02am:

(LON:PFD) Premier Foods PLC share price was -6.62p at 45.63p