The chief executive of a major food manufacturer with a large factory in the county has confirmed he is to step down next year.

Premier Foods, which owns the Batchelors factory in Ashford, made the announcement as it released its latest financial figures.

It recorded losses before tax of £2.2 million for the half year up to September despite a revenue increase of 1.3% and trading profit growth of 6.2% to £51m.

The firm, which produces brands such as Mr Kipling, Ambrosia and Batchelors Cup-a-Soup, from its Ashford base, said the Batchelors brand had seen a "strong performance".

But it confirmed it was looking to sell off the Ambrosia custard brand and that chief executive officer Gavin Darby would be stepping down in January.

Reviewing the results, Mr Darby said: "We are pleased to report revenue growth of 1.3% in the first half, a 6.2% increase in trading profit and net debt £26m lower compared to last year.

"Mr Kipling, the group's largest brand was key to this growth following an excellent consumer response to its brand relaunch in the UK with revenues up 13%.

"Batchelors, the group's third largest brand, delivered revenue growth of 6.8% as consumers continue to enjoy its new convenient pots range.

"We saw improved resilience displayed by the business during the hot summer experienced in the first half of the financial year; however we are presently experiencing some operational challenges with the implementation of the final Sweet Treats phase of our logistics transformation programme.

"The board has determined that it should focus resources on areas of the business which have the best potential for growth through accelerated investment in consumer marketing and high return capital projects.

"Accordingly, we are pursuing options to fund these plans as well as delivering a meaningful reduction in net debt, through discussions with third parties regarding the potential disposal of our Ambrosia brand.

"Although there is no certainty that any transaction will complete, we will update shareholders in due course.

"We have a strong innovation plan in place for the second half of the year, and profit expectations for the full year remain unchanged."

"Having announced a new strategic initiative for the business, I have decided to step down as CEO on January 31, 2019, which will mark the sixth anniversary of my joining Premier Foods. The board will now begin a recruitment process for my successor."

Emma-Lou Montgomery, associate director from Fidelity Personal Investing’s share dealing service said of the results: "Whether this is re-written in the history books as ‘stock cubes at dawn’ or the ‘Battenberg battles’, chief executive Gavin Darby’s decision to step down as CEO will be chalked up as a victory by the activist shareholders who have had him in their sights since the summer.

“That 83% deepening of the food group’s pre-tax losses meant any of his past attempts to retain his tenure were well and truly thwarted.

“Whoever fills Mr Darby’s shoes at the company, best known for its Mr Kipling cakes, will have an exceedingly large task on their hands turning the business around, with operational and debt problems refusing to budge and now the potential disposal of the Ambrosia brand to deal with.”