Mr Kipling owner sounds profits alarm
Mr Kipling cakes firm Premier Foods has warned that falling sales and its battle to offset soaring costs of ingredients have impacted its full-year profits.
The group, which also owns a raft of household brands, including Oxo and Batchelors, said profits were set to be around 10% lower than expected. It also unveiled a "substantial" three-year cost-cutting plan.
Premier, which last week confirmed it was in talks with supermarket giants and retailers over price hikes, said negotiations were taking longer than expected as it looked to claw back money lost through surging costs of commodities, such as sugar, chocolate and wheat.