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A-Brands

Premier Foods Raises Profit Outlook For Full-Year 2023

By Steve Wynne-Jones
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Premier Foods Raises Profit Outlook For Full-Year 2023

Premier Foods has said that it expects its adjusted profit before tax for the year ending 1 April to be 10% higher than the previous year, at around £135 million (€152.2 million), while trading profit is expected to come in around £155 million (€174.77 million).

The group raised its profit outlook in a trading statement ahead of the publication of its full-year results on 18 May 2023.

Net debt is anticipated to be broadly in line with last year and the board's expectations, it added.

It said that the group has 'continued to trade strongly' in the weeks since its third quarter trading update.

'The Grocery business continues to lead the way, with broad based growth and further market share gains, while Sweet Treats has demonstrated an improving trend. International will deliver another quarter of strong sales growth,' the group said.

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Prior Year Performance

Trading profit for its 2021/22 financial year came in at £141.2 million (€159.2 million), while adjusted profit before tax stood at £121.4 million (€136.9 million).

Premier Foods is home to some of the UK's best-known brands, including Ambrosia, Batchelors, Bisto, Loyd Grossman, Mr. Kipling,  Oxo  and Sharwood's.

It operates from 15 sites across the UK, and currently employs more than 4,000 personnel.

In January, the group said that it was planning to shut its Knighton manufacturing site, which predominantly produced powdered beverages. It said that the site was 'not aligned to the group's branded growth model strategy and is marginally unprofitable.'

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Read More: Premier Foods To Shut Manufacturing Site, Sees Sales Rise

© 2023 European Supermarket Magazine – your source for the latest A-Brands news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.

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