Shares in Northern Foods, the UK group behind Goodfella’s pizza and Fox’s biscuits, fell this morning (1 June) after the company booked flat annual sales and earnings.

The company reported a 0.5% rise in underlying pre-tax profits to GBP39.2m (US$56.8m) on a 0.2% increase in revenue to GBP977m.

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However, Northern said underlying revenue, a “key measure” that excludes factors including the impact of foreign exchange, M&A and discontinued operations, rose 1%.

“Northern Foods has traded solidly in challenging market conditions,” said chief executive Stefan Barden.

Shares in Northern were down 1.6% at 47.5p at 09:07 BST this morning.

Click here for the full earnings release from Northern and click here for coverage of the company’s conference call with City analysts.

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