Premier Foods has seen its share price take a dramatic hit after the firm announced that it has witnessed a fall in its sales.
The company, which owns brands such as Bisto and Mr Kipling among others, revealed that demand for its hot products such as soups and cooking sauces fell because of the hot summer.
Sales growth of its frontline brands were shown in its latest financial results to have halved in the three months to the end of September.
Bread sales were down for the company as well, with group underlying sales overall down by 3.2 per cent as a result.
Yesterday's (October 31st) trading session saw the share price of the firm drop by more than 15 per cent and its stocks are down again today.
At 12:51 GMT this afternoon, the share price of Premier Foods was over 25 per cent down on the start of the session.
Find up to date information on the FTSE 100 and spread betting strategies at City Index
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.