Premier Foods feels pressure from rising costs

Their respective makers - Unilever, PepsiCo and Nomad Foods - say there are two simple reasons for this: higher prices for commodities and higher costs for importing them, after the Brexit vote weakened the pound. Even as Mr Martin was ignoring these areas of low pressure, another owner of great British brands, Premier Foods, was issuing a profit warning for the same reasons. In 12 months, wheat prices have risen 13 per cent in euros but 27 per cent in pounds, while butter is up 60 per cent in euros but 90 per cent in pounds. In November, when chief executive Gavin Darby said he faced "Less of a cost impact" than rivals, because Premier makes 95 per cent of its products in Britain, he was not wrong. Critics will always hark back to your last perceived mistake - and it seems that Paulson & Co, a now irate Premier Foods shareholder, thinks Mr Darby's was to dismiss a 65p bid from McCormick last year.

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