Belfast Telegraph

Food firm's loss after Hovis' profits go stale

The makers of Hovis slumped to a loss after a price war sliced its bread division's profits to just £3.4m last year.

Premier Foods, which also owns Mr Kipling, Bisto and Oxo, was pushed to an overall loss of £259.1m in 2011 because of the need to write down the value of the Hovis business on its balance sheet. Bakery sales were down nearly 3% at £500.5m as fierce price activity continued.