Premier Foods plc (LON:PFD) today confirmed it has concluded its strategic review announced on 27 February 2019 and announces a transformational agreement with its pensions schemes. The Group also provides an update on current Trading and on the impact on the Group of the COVID-19 outbreak.
· Landmark pensions agreement between Company and pension Trustees
· NPV of pensions deficit contributions to reduce from £300-320m by up to approximately 45% to £175-185m
· Trading profit for FY19/20 at top end of market expectations
· Net debt/EBITDA at March 2020 comfortably lower than 3.0x, beating previous target
Following an extensive strategic review which has explored all options available to the Group, the Board today announces a landmark agreement with its pension schemes which is transformational for both the Group and its pension scheme members by significantly improving its long standing pension funding situation. In particular, the Board expects this will provide greater funding
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