Premier Foods has today reported lower sales and earnings, citing tough trading conditions.
The company said it would change its strategy to focus more on cost efficiencies and cash generation.
The maker of Mr Kipling cakes and Bisto gravy said full-year group underlying sales fell 1.4% to £790.4m in the year ended April 1.
Adjusted profit before tax fell 11.8% to £74.2m, and adjusted earnings per share fell 12.2% to 7.2 pence.
The company had warned in January that profit would be 10% lower than previously thought, due to the trouble it was having negotiating price increases with British retailers.
"With the industry changing rapidly, we have updated our strategy to give an equal focus to revenue growth, cost efficiencies and cash generation," chief executive Gavin Darby said in a statement.
The company's previous strategy had prioritised sales growth.
Premier Foods, which also makes Ambrosia custards and Batchelors noodles, said it expects cost savings programmes to save £20m over the next two years.
The company said the progress it plans to deliver this fiscal year will be weighted more to the second half of the year.
Premier remains under pressure to deliver growth after rejecting a takeover offer last year from US rival McCormick.
Instead of a deal with McCormick, Premier struck a deal with Japanese noodle company Nissin.
