The maker of Princes tinned tuna saw its revenue decline year-on-year as lower sales volumes and reduced selling prices impacted performance.
Shares in Princes Group, which floated last month, yo-yo’d on Tuesday as investors digested a nine-month trading update.
Shares fell 16½p, or 3.6%, to close at 435½p.
Princes Group generated revenues of £1.4billion in the nine months to the end of September, down 5.7% on the previous year.
The Liverpool-based owner of Napolina pasta said it was still targeting between £1billion and £1.5billion in additional revenue growth.
The tuna canning company said “deflationary pricing conditions across several core raw materials impacted revenue, given the group’s pass-through mechanics with customers”.
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The UK's flagship share index, the FTSE 100, was up 39 points at 9,923 shortly after opening this morning.
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