Trading cools but Big Food confident

BIG Food Group played down a worsening in trading at its core Iceland chain and said it was on target to deliver on its ambitious recovery plan. Like-for-like sales at Iceland slipped back 2.4% in the eight weeks to 24 May, against the 1.8% decline recorded for the full financial year to 29 March.

Chief executive Bill Grimsey said: 'I don't think you can read too much into those figures. It is simply to do with the timing of bank holidays and promotional activity.'

He pointed to encouraging results from experimental new formats, which were producing underlying sales increases of as much as 31%. 'Overall, I believe that BFG is on target at the end of the first year of our four-year recovery plan,' Grimsey said.

Full-year operating profits before exceptionals came in at £76m, unchanged on the previous 65-week period. A final 1.5p dividend, makes a 2.5p total, up 14%.