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Premier Foods, the manufacturer of Mr Kipling cakes and Hovis bread, will next month relaunch the remainder of the Hovis range in new packaging, with improved recipes and a new TV advertising campaign.

The firm said it will have invested nearly £15m during 2008 in its largest brand, which will "return it to growth during the second half of this year".

Premier Foods reported sales of £1.3bn for the half-year to 28 June 2008, up 44%, as pre-tax profit fell 30% to £3.6m.

The firm has been restructured into three divisions of Grocery, Hovis and Chilled & Ireland following the acquisition and integration of the Campbell's and RHM businesses.

Pro forma turnover (which treats acquired businesses as if they have been owned for the whole of the current and previous year's reporting periods) for Grocery increased 2% to £630.5m compared with the first half of 2007, reflecting price increases totalling 6% offset by a 3% fall in volume. The Branston and Hartley's brands have both seen strong growth.

Higher prices helped pro forma turnover in the Hovis division increase 16% to £462.7m, but this was partly offset by lower bread volumes. Pro forma trading profit fell by 23% to £14.6m, primarily as a result of lower bread sales in the first half of 2008 compared with the same period in 2007.

Strong sales of Quorn led to a 3% increase in pro forma turnover in the Chilled & Ireland division as trading profit rose 4% to £17.9m.

Premier Foods chief executive Robert Schofield said expectations for the full year remain unchanged, with progress weighted towards the second half as the restructuring and rejuvenation of the Hovis brand take effect.

"The group will reap the fuller rewards from this strong platform in 2009 and beyond as our focus shifts towards further brand building and innovation," he said.

Premier's share price fell by 8.75p to 88.50p this morning.