Premier Foods — not even second class

Grown-up Lombard is equally bemused by those who buy shares in Premier Foods, which whips up Angel Delight and other sundries. Premier's branded grocery revenues - Oxo, Bisto and Sharwood's curry sauces - which contribute well over two-thirds of Premier's profits dropped 8 per cent in the first quarter. The noodle-maker now owns a fifth of Premier's shares. Mr Darby on Thursday said the good news is that Premier's market share has increased. Premier continues to be bloated with £534m in net debt and a pension deficit of £310m, about equal to the value of equity.

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