Inside food & drink manufacturing
Tesco’s latest results – featuring its 6% slump in operating profit – deliver six key pointers about the future direction of the business, including the prospect of sharper price competition, according to financial analyst Morgan Stanley.
A collection of over 5,000 bottles of wine owned by former Manchester United football manager Sir Alex Ferguson is expected to fetch £3M when sold in Hong Kong, London and online by auction house Christie’s.
The Food Standards Agency (FSA) is to prioritise the testing of lamb dishes from takeaway restaurants across the UK, after its own research and a survey by consumer watchdog Which? revealed the meat was commonly replaced by cheaper chicken or beef.
A potential £5bn export market to China has been opened for UK organic food and drink manufacturers, following a Soil Association deal with China’s Organic Food Development Centre (OFDC).
The Irish Dairy Board (IDB) has invested €30M (£24.6M) in a new butter production and packaging facility for its Kerrygold brand, creating 50 jobs in Mitchelstown, County Cork.
Small processors still face hygiene inspection charges under EU law proposals, despite lobbying to overturn them, prompting an angry reaction from a prominent lobbyist.
Premier Foods is now set for growth after completing “a transformational restructuring” of its balance sheet, said City analyst Shore Capital in a note titled ‘At last, it’s time to get on with the day job’.