16 September 2011 - Division: General
The half year to 30 June 2011 delivered both a continuation of the improvement in trading performance and a transformation of the Group’s balance sheet through a successful restructuring which removed the disproportionately large pension deficit. Operating profit before significant items and group costs improved by 47% to £4.7m (£3.2m half year to 30 June 2011) on the back of improved trading in the Food to Go division and as a result of further restructuring within Desserts. The pension restructuring gave rise to a significant credit to the profit and loss account and as a result Shareholders’ funds improved from a negative position of £21.9m at 31 December 2010 to a positive £108.9m at 30 June 2011. The financial transformation enabled the Group to conduct a sale process, initiated by the Pension Scheme, which resulted in a recommended offer from Greencore Plc (“Greencore”).

See attached PDF for full announcement.