Mr Kipling owner Premier Foods boosted by falling inflation as sales and revenue jump
Premier Foods boosted expectations for the year following a strong half year performance yet again as grocery revenue rises 24.6 per cent.
The maker of famous brands including Mr Kipling, Ambrosia, Custard and Angel Delight also experienced a favourable few months for its sweet treats category, with revenue being up 5.4 per cent.
Chief executive, Alex Whitehouse, said: “We know how challenging the past year has been for many consumers and so it’s good to see the rate of input cost inflation falling.”
This has now given us the opportunity to lower promotional prices across a number of our major branded products such as Batchelors Super Noodles and Mr Kipling Slices.”
Headline revenue was up to £484.4m from £406.5m the year prior, an increase of 19.2 per cent.
Recently, Premier Foods expanded its presence in the breakfast scene this autumn, with the acquisition of breakfast brand FUEL10K.
The acquisition followed as Premier Foods saw a favourable trading update over the summer, with group sales being up from the previous year 21.1 per cent.
“We’re very pleased to have recently acquired the vibrant breakfast brand FUEL10K, providing us with the ideal platform to accelerate our expansion into breakfast and deploy our branded growth model, while The Spice Tailor is on track this year to deliver returns ahead of our original acquisition plan,” Whitehouse added.
The grocery company’s debt was lowered £337.7m to £273.1m, a total of £64.6m drop.