Shares in Premier Foods fell 2p to close at 304p yesterday despite the release of upbeat full-year results from the food manufacturer.

Premier Foods reported a 12.2% rise in full-year pre-tax profit to £58.1m on sales up 21.5% to £959.4m.

Robert Schofield, chief executive of Premier Foods, also ruled out any further acquisitions for at least the next 18 months to focus on integrating the UK and Ireland unit of Campbell Soup Company and RHM into the business. It has also sold its fresh produce division to management for an undisclosed sum.