Northern Foods suffers fall in first half profits
Northern Foods, which makes own-label products for retailers as diverse as premium food seller Marks & Spencer and discounter Aldi, said today trading conditions at its Frozen unit remained tough.
For the 26 weeks ended October 2, pre-tax profit before restructuring items and net pension financing was 9.6m, compared with 12.9m last year.
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Hide AdRevenue fell 3 per cent to 453m, while like- for-like sales grew 2.7 per cent.
Last month, the Leeds-based company said it was changing the structure of its business, by shifting from five business units to two divisions -- branded and chilled, to save money as it braced for a possible double-dip recession.
Northern Foods shares, which have lost 32 per cent of their value since the start of the year amid a tough retail market climate, closed at 46p on Monday on the London Stock Exchange