Premier Foods: Accelerated Growth and Value Proposition Reinforce Buy RatingWe note the unusually warm weather that weighed on Q1 continued to impact Grocery through the early part of Q2 - given PFD's skew of products, which includes market leadership in categories such as gravy, stock, and soup, the unusually hot weather has a material effect on the business. Encouragingly, the RNS notes that these effects normalised during Q2, and we infer a robust Grocery exit rate (JEFe c.3%+). Group revenue growth also accelerated in the solid performance in Branded continuing to be part-offset by planned declines in the low margin non-branded revenue base (H1 -9%).