The trading experienced to date confirms similar trends to those reported in its preliminary results on March 18.
Chairman Sir John Banham said: “Our major initiatives in productivity, purchasing and pricing are all progressing as expected. We are on target to achieve, for the full year, the necessary cost savings to help counter retailer-led deflationary pressures and the effect of raw material inflation experienced late in 2003.
“The benefits of these cost saving programmes, as indicated previously, will be seen more strongly in the second half of 2004. Over the full year we anticipate the group to perform in line with our expectations at the time of the preliminary results. However, given this phasing, operating profit in the first half is likely to be below that of last year.”
Meanwhile, the company has announced that non-executive director Bob Davies will be retiring having served his two three-year terms as non-executive director. David Wallis has agreed to become the senior non-executive director.
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