Northern Foods reports a good Christmas
Britain's Northern Foods said trading over Christmas was good and it was making headway in its aim of stabilising second-half profits at the previous year's level after a first-half profits fall.
In December 2003 the company sold the share capital of Northern Foods (Ireland) - Batchelors Foods - to the Maiden Acquisition Company, formed by Barry's Tea and Bank of Scotland Ireland for €62m for share capital and around €33m in respect of accumulated cash balances.
Northern Foods is a major supplier to retailers such as Marks & Spencer and said total group sales for the three months to December 31, 2003 were 7.2% ahead, while total sales to its five largest retail customers were up 8.0%.
Supplies to five big customers -- Marks & Spencer, Tesco Plc, J. Sainsbury Plc , ASDA and Safeway Plc - account for three-quarters of Northern Foods' sales.
