6th May 2020 11:58
(Alliance News) - Premier Foods PLC on Wednesday confirmed its annual guidance is unchanged and it is still expecting to report a rise in fourth quarter sales, though has delayed its results publication.
The branded foods maker, which makes Mr Kipling cakes, said it is on track to meet guidance for its financial year ended March 28, including a 3.6% increase in fourth quarter sales and trading profit at the top end of market expectations.
As at March 28, Premier Foods said, it expects to have comfortably beaten its net debt to earnings before interest, tax, depreciation, and amortisation target of 3.0 times.
"As previously indicated, trading in the first few weeks of FY20/21 continues to be ahead of average patterns of demand," said Premier Foods.
The company is also delaying the publication of its preliminary annual results, having planned to post them on Thursday next week.
"To ensure the company and its auditors have sufficient time to complete the standard full year reporting requirements, the company intends now to release its preliminary results by the end of June. Confirmation of the exact reporting date will be provided nearer the time," said Premier Foods.
Shares in Premier Foods were down 0.2% at 45.30 pence in London at midday.
By Anna Farley; [email protected]
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