Ian,
Actually a 16% op margin would be inline with PFD's grocery division.
But what did you mean by;
'- It's bread and bakery division with the highest margins again is growing the fastest..'
Margins at Hovis were only 4% in the last Finals and Interims.
Did you mean, that they should see the highest growth in margins?
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Started 5 months ago by Brocks1
Ian,
Two w/e's ago, the Sunday Times had a small comment on UB's results (still available online Times, dated 12th Oct).
It stated that 'profit margins crumbled slightly as weak sterling pushed up raw material costs. Earnings rose 3% to £196m and sales rose by 5% to £1.2bn'.
I was under the impression from your posts that they would report very strong profit growth.
What is the ...
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Ian Vester replied 5 months ago
Brocks....
I assume the article about UB related to 2008 results which was the year all food manufacturers reacted slowly to the input cost inflation spike and sterling weakness? ie. Consumer price inflation lagged input cost inflation... Therefore 3% was a very good performance for UB....my comments were about 2009 - I cannot comment where UB is likely to exit 2009 but it is significantly ...
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Brocks1 replied 5 months ago
Thanks for the reply,
On the 13th March 2009 though, you posted;
'DYOR....As I've said before I work for a very similar company (different sectors but same cost and customer base) and our results are fantastic so I know there's will be too...cheap everyday well known brands...Don't get fooled by all these promotions...they make money too as input cost inflation has fallen and base prices ...
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Ian Vester replied 5 months ago
I was talking about our latest view 2009 vs the budget based on run rates over the preceding 6 months....2nd half of 2008 was strong post price increases and 2009 is even stronger as inpust costs went the other way...I'm always looking forward...
Re bread and bakery margins...yes I was referring to gross margins as that is what drives mix....Net margins include marketing spend which on Hovis...
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