Northern Food s has released the company’s full year results for the week ending 28 March 2009.

Operating highlights

- Business successfully adapted to current retail environment; growth in discount sector and value products complementing our strength in the premium market

- Strong performance in Chilled and Bakery, reflecting our superior product offering; Frozen division growth impacted by Euro strength

- Significant commodity cost increases successfully recovered

Financial highlights

- Good sales growth, increasing total revenue by 4.6% to £975.2m (2007/08: £931.9m)

- Profit from operations* up 8.9% at £52.7m (2007/8: £48.4m), after £4.2m of incremental investment in the business

- Profit before tax* at £47.5m (2007/08: £50.1m), reflecting a reduced pension credit  

- Profit for the period¹ of £2.5m (2007/08: £34.5m), after restructuring costs of £35.4m (2007/08: £4.7m) and tax allowance changes

- Underlying EPS² of 6.45 pence per share (2007/08: 5.62p)

- Proposed dividend maintained at 4.50 pence per share (2007/08: 4.50p)

- Robust balance sheet with new Revolving Credit Facility (RCF) in place through to 2012; net debt³ £206.7m (2007/08: £200.2m)