date:May 28, 2012
debt mountain,the bank said.
Panmure predicted a steady recovery in Premiers bakery margins from 4% in 2012 to 7.5% in 2016,although margins in bakery have historically been more volatile than our forecast of steady margin improvement suggests.
What would be a game changer in bread margins would be the long mooted reorganisation of industry distribution, which is hugely costly and inefficient,it added.
Panmure predicts bakery sales for the group to hit 708.2m (881.7m) for 2012 a figure it f