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Premier sees mixed results for Hovis

first_imgPremier Foods has reported mixed results for it Hovis business, with branded sales up 1.1% but non-branded sales down 26%, for the six months to 26 June 2010.Trading profit for the division was up 50% to £15m, as profitability for the division was increased by cost savings in manufacturing and distribution, in addition to a lower restructuring spend for the period, said Premier.Hovis branded bakery sales increased to £183m from £181m for the comparable six months in 2009. Branded bread value market share increased 1.1pp to 24.5%, while volume market share remained at 24.8%. Sales of its Mr Kipling brand were up from £60m to £62m (+3.3%), while Cadbury Cakes sales fell 3.6% to £27m.Retailer brand bakery sales fell by more than a quarter from £100m to £74m. The firm put the decline down, in part, to a decrease in the retail price of branded goods in the markets in which it operates, which has resulted in consumers trading up to branded products.Non-branded Hovis volumes fell 10.4%, of which 5.8% relates to wheat price deflation, according to Premier. Around 3% of the volume decline relates to “own-label bread contracts which were exited in 2009 to free up capacity for the Hovis brand expansion”, added the firm.Milling sales were also down, falling 18.4% to £80m, from £98m for the first six months of 2009. The majority of the decline is due to bulk flour deflation, according to Premier.Total group sales were down 5.2% to £1,183m. Trading profit fell 6% to £110m, while operating profit was up £40m to £67m.>>Hovis targets debts by closing Wigan rolls line>>Hovis shows a Hearty appetite for oats categorylast_img read more

Activist Joshua Wong says he plans to run for Hong Kong legislature

first_imgHe was disqualified from running for the less important district council elections last year on grounds that advocacy of Hong Kong’s self-determination violates electoral law, which he described at the time as political censorship.Read also: Nintendo game pulled from Chinese platforms after Hong Kong protestHe intends to run in a primary for the pro-democracy camp that will choose candidates for the Legislative Council vote on Sept. 6.”If more people vote for us … it could generate more pressure and more hesitation for Beijing,” Wong said, in front of campaign posters with the slogan “Ballot, or bullet.” Prominent Hong Kong democracy activist Joshua Wong said on Friday he planned to run for a seat in the Chinese-ruled city’s legislature, setting up a new battle with authorities after being barred from running in previous polls.Wong, who was 17 when he became the face of the 2014 student-led Umbrella Movement, has not been a leading figure of the often-violent protests that have shaken the semi-autonomous financial hub for the past 12 months.However, he has drummed up support for the pro-democracy movement overseas, meeting with politicians from the United States, Europe and elsewhere, drawing the wrath of Beijing, which says he is a “black hand” of foreign forces. Wong has said he supports the idea of a non-binding referendum for people to have a say over Hong Kong’s future but that he is against independence.Electoral rules after Hong Kong’s 1997 return to China from Britain effectively guarantee that the legislature is stacked in Beijing’s favor, with only half the seats directly elected.The rest are picked by business and professional groups called “functional constituencies,” which are dominated by pro-establishment figures.In 2016, the pan-democratic camp won 29 seats, but then lost six when candidates were disqualified after China’s national parliament ruled their oaths of office were invalid. Topics :last_img read more