Premier Foods reveals 'double digit' investment in marketing and innovation
Premier Foods, the maker of Mr Kipling cakes and Bisto gravy has unveiled it is to ramp up investment in marketing and innovation by a “double-digit” percentage.
The food maker posted a growth of 2.3 per cent in its ambient food range, up from 1.7 per cent in the previous year. Within the same range its savoury and sweet foods grew 4.4 per cent and 3.2 per cent respectively.
Premier Foods reported that over 95 per cent of households purchase one or more of its brands per year and that “marketing and innovation are key to future growth”. It also said as well as developing new products, the food maker would look to promote its existing brands, as it did with Ambrosia’s return to TV, to “remind customers how great our products taste”.
Gavin Darby, CEO of Premier Foods said: “Through our category based strategy, we have delivered Grocery Power Brands sales growth of 2 per cent, some good market share performances and progressively stronger customer partnerships.
“We continue to reduce business complexity through our disciplined approach to our cost base and have successfully reduced our Net debt by £120 million during the year.”
Premier Foods also announced a £1.13bn refinancing plan as part of an ongoing restructure aimed at reducing its debts and reviving the business.