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UPDATE 1-Premier Foods says trading in line with forecasts

Tue May 13, 2008 2:59am EDT

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(Adds CEO comment, detail, shares)

LONDON, May 13 (Reuters) - Britain's Premier Foods Plc (PFD.L) said on Tuesday its trading for the 17 weeks to 26 April was in line with expectations, and that it was making progress recovering rises in commodity prices.

The maker of Hovis bread, which cut its dividend and renegotiated its finances in March as it struggled with high ingredient costs, added in a statement that group sales for the period were up 6.3 percent.

"We are pleased by our progress so far this year ... We have made good progress in recovering commodity inflation through a combination of price increases and cost savings," Chief Executive Robery Schofield said in a statement

He added that the integration of recent acquisitions RHM and Campbell's, which elevated the firm to the UK's biggest food group, was continuing, and that seven plants would close by the end of the year.

As well as Hovis, the company makes Oxo stock cubes, Branston pickle, and Mr Kipling cakes.

Shares in Premier, down over a third this year despite a recent recovery, closed on Monday at 130.25 pence, valuing the firm at 1.1 billion pounds ($2.15 billion).

(Reporting by John Bowker; Editing by Louise Ireland/Rory Channing)



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