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MarketScreener Homepage  >  Equities  >  Tokyo  >  Nissin Foods Holdings Co Ltd    2897   JP3675600005

NISSIN FOODS HOLDINGS CO LTD

(2897)
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Mr Kipling makeover helps boost Premier Foods profit

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05/14/2019 | 04:51am EDT
An illustration of boxes of OXO stock cubes

(Reuters) - A relaunch of its venerable Mr Kipling cake brand helped Premier Foods Plc to report higher annual profit on Tuesday as the company seeks a new leader.

Premier Foods unveiled plans to review options for its business after former boss Gavin Darby left in January. He was under shareholder pressure following a drop in the share price after a takeover attempt by U.S. food maker McCormick & Co Inc fell through three years ago.

Premier Foods, which also owns the Ambrosia rice pudding and custards brand and OXO stock cubes, said adjusted profit before tax rose 12 to 88 million pounds ($114 million)for the year ended March 30. Revenue rose marginally to 824 million pounds.

Mr Kipling enjoyed a 12% rise in revenue after it was relaunched in Britain with new packaging and design combined with higher marketing spends. The brand dates back to 1967 and was long known for its "exceeding good cakes" advertising slogan.

Backed by the success of Mr Kipling and strong demand for its main brands, Premier Foods said it would spend more money this year on marketing, slowing its progress in the first half of the current financial year.

Premier Foods' shares were marginally higher at 35.9 pence at 0830 GMT. Management has faced pressure after turning down a 65 pence per share offer from McCormick.

Premier Foods on Tuesday said its review was ongoing.

Premier Foods has also been cutting costs as part of a two-year plan launched in 2017 by laying off people and streamlining its warehousing and distribution network. It expected to save 10 million pounds from manufacturing and logistics operations overall.

"PFD (Premier Foods) has delivered ahead of consensus expectations at the year open ... despite an exceptionally warm summer in 2018 and hiccups in international and the supply chain. A confidence-building update in the round," Jefferies analysts said.

($1 = 0.7729 pounds)

(Reporting by Sangameswaran S and Noor Zainab Hussain in Bengaluru; Editing by Shounak Dasgupta/Keith Weir)

By Sangameswaran S and Noor Zainab Hussain

Stocks mentioned in the article
ChangeLast1st jan.
MCCORMICK & COMPANY -0.69% 155.19 Delayed Quote.11.46%
MONDELEZ INTERNATIONAL 0.17% 52.13 Delayed Quote.30.23%
NISSIN FOODS HOLDINGS CO LTD -0.60% 6680 End-of-day quote.-0.89%
PREMIER FOODS PLC 1.13% 35.95 Delayed Quote.8.94%
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Financials (JPY)
Sales 2020 466 B
EBIT 2020 -
Net income 2020 27 623 M
Finance 2020 29 447 M
Yield 2020 1,72%
P/E ratio 2020 25,15
P/E ratio 2021 23,18
EV / Sales 2020 1,45x
EV / Sales 2021 1,38x
Capitalization 706 B
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Mean consensus HOLD
Number of Analysts 9
Average target price 7 721  JPY
Spread / Average Target 16%
EPS Revisions
Managers
NameTitle
Koki Ando President, CEO & Representative Director
Noritaka Ando COO, Representative Director & Vice President
Yukio Yokoyama CFO, Director & Managing Executive Officer
Shigeo Kitara Chief Information Officer & Executive Officer
Yoko Ishikura Independent Outside Director
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