Premier Foods in profit warning

Premier Foods, the owner of brands such as Hovis, Bisto and Mr Kipling, has warned its full-year trading profit will fall below expectations.

The UK's biggest food manufacturer had been looking at a profit of between £214m and £232m.

Michael Hewson, a city analyst at CMC markets, told the BBC that he was not surprised by the profit warning because consumers are changing their spending habits.

"Premier Foods' warning highlights the severe retail space at the moment," he added.

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