Shares in Premier Foods fell 13.5p to finish on 279.75p yesterday following the release of a disappointing trading update from the food manufacturer.

Premier Foods warned that its first-half like-for-like sales would be “slightly behind” last year due to a hot April, its exit from a number of low-margin own-label contracts and promotional activity, and that rising wheat prices would force it to increase bread prices.

Analysts were unconcerned by the warning. “Despite negative headwinds on cost, the company looks in good shape to deliver full-year expectations,” analysts at Goldman Sachs told the Independent.