A relaunch of its venerable Mr Kipling cake brand helped Premier Foods to report higher annual profits today as the company seeks a new leader.
Premier Foods unveiled plans to review options for its business after former boss Gavin Darby left in January.
He was under shareholder pressure following a drop in the share price after a takeover attempt by US food maker McCormick & Co fell through three years ago.
Premier Foods, which also owns the Ambrosia rice pudding and custards brand and OXO stock cubes, said adjusted profit before tax rose 12% to £88m for the year ended March 30.
Revenue rose marginally to £824m.
Mr Kipling enjoyed a 12% rise in revenue after it was relaunched in Britain with new packaging and design combined with higher marketing spends.
The brand dates back to 1967 and was long known for its "exceeding good cakes" advertising slogan.
Backed by the success of Mr Kipling and strong demand for its main brands, Premier Foods said it would spend more money this year on marketing, slowing its progress in the first half of the current financial year.
Premier Foods has also been cutting costs as part of a two-year plan launched in 2017 by laying off people and streamlining its warehousing and distribution network. It expected to save £10m from manufacturing and logistics operations overall.
