19th Jan 2023 09:15
(Alliance News) - Premier Foods PLC on Thursday said sales were up in the third quarter, putting it on track to deliver market expectations for financial 2023.
The St Albans, Hertfordshire-based food manufacturer said sales in the third quarter - excluding GBP3.7 million from its business The Spice Tailor - were GBP314.3 million, up 12% from GBP280.6 million a year ago.
The company reported that its branded sales were GBP250.1 million, up 8.8% from GBP229.8 million the year prior, while non-branded sales totalled GBP64.2 million, representing an increase of 26% from GBP50.8 million.
Premier Foods noted a "particularly strong" Grocery performance in the third quarter, with sales up 17% at GBP231.9 million, from GBP197.5 million a year ago. Sales in the company's Sweet Treats division dropped 0.9% to GBP82.4 million, down from GBP83.1 million.
International sales increased by 10%, owing to the growth of the company's brand's Sharwood's and Mr Kipling in Canada and Europe, Premier Foods added.
The company said it is on track to deliver market expectations for financial 2023.
Chief Executive Officer Alex Whitehouse said: "These results illustrate the continuing appeal of our portfolio of market-leading brands in such a challenging environment and demonstrate the strength and resilience of our branded growth model.
"Input cost inflation remains at elevated levels, and we continue to take action to offset this inflation through a range of measures. With strong trading momentum as we enter our final quarter of the year, and with more brand investment and new product launches to come, we are well on track to deliver on expectations for the full year."
Premier Foods shares were down 0.4% trading at 113.60 pence per share on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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