Premier profits from Quorn acquisition

Sales of meat alternative Quorn showed a sharp rise today after its new owner spent more money on advertising and launched new products.

Crosse & Blackwell-to-Ambrosia firm Premier Foods has been rewarded for its £172m (€247.8m) acquisition of Quorn in June 2005 with a double-digit percentage rise in sales of the product for the first six months to July 1.

The company has also been encouraged by the performance of Branston Baked Beans, which it said had consolidated its market share at around 10% as it takes on rival Heinz in a sector worth an estimated £250m (€360.2m) a year.

In a trading statement, Premier said cost pressures remained an issue but added that sales growth across the group, which also makes Loyd Grossman sauces, had been in line with its targets.

Chief executive Robert Schofield said: “The first half of 2006 has reflected the continued success of our strategy of growing our branded sales with Quorn, Branston, Loyd Grossman and Ambrosia all continuing to grow strongly.”