Latest News Stories

• Branded revenue up +15.8%; Q2 branded revenue up +14.3%
• Total Headline Grocery revenue up +24.6%, Sweet Treats revenue up +5.4%
• Grocery market share increased +113bps
• Trading profit +19.0%; margins continue to be in line with prior year
• Increased marketing investment across all major brands, expanding Best Restaurant in Town campaign
• Strong International progress; Mr Kipling distribution building in USA and further market share growth in Australia
• New categories revenue increased +21% led by continued momentum of Ambrosia porridge pots
• The Spice Tailor continues to build distribution and on track to deliver returns ahead of plan
• FUEL10K acquisition completed early in H2, accelerating expansion into breakfast category
• FY23/24 Trading profit now expected to be in the region of 10% ahead of prior year

Premier Foods today announces it has acquired FUEL10K, a vibrant Breakfast brand, with a portfolio of granola, oats and drinks products, as the Group significantly expands its presence in the Breakfast meal occasion.

Strategic Highlights:

• FUEL10K is a differentiated, protein enriched Breakfast brand
• On-trend proposition which attracts a predominantly young consumer demographic
• Track record of strong double-digit revenue growth over the last three years
• Substantially increases Group’s position in the Breakfast category, building on success of Ambrosia porridge pots
• The Group expects to unlock significant future value through leveraging its proven branded growth model
• FUEL10K‘s commitment to sustainability supports the Group’s purpose of Enriching Life Through Food

• Q1 Group sales up 21.1% versus prior year, Branded sales up 17.5%
• Further Grocery market share gains in the quarter, up another 94 basis points
• Mr Kipling delivered record market share in Australia and continued to build further distribution in the US
• New categories progress continues; sales of Ambrosia Porridge pots and Cape Herb & Spice more than doubled
• FY23/24 Trading profit now expected to be at top end of market expectations

Premier Foods has announced that its 2030 decarbonisation targets have been approved by the Science Based Targets initiative (SBTi) following a rigorous validation process, meaning the food producer has some of the most ambitious targets for reducing emissions amongst UK businesses.

06/06/2023

Headlines:

• Full year Branded revenue up +9.1%; Q4 branded revenue up +15.9%
• Total Grocery revenue up +15.3%, Sweet Treats revenue up +2.7%
• Grocery market share increased +64bps compared to prior year
• Trading profit +11.5%, ahead of upgraded guidance
• Trading profit margins in line with last year as input cost inflation offset by cost savings and increased pricing
• International revenue growth up +10% with record market share for Mr Kipling in Australia
• New categories revenue increased +33% led by early success with Ambrosia porridge pots
• Accelerated revenue growth of The Spice Tailor post acquisition; 12 month revenue +25%
• Pensions cash contributions NPV reduced by c.50% to c.£125m and cash costs reduced by £6m from FY23/24
• FY23/24 expectations for another good year unchanged

Premier Foods today provides its Quarter 3 trading update for the thirteen weeks ended 31 December 2022

• Q3 Group sales up 12.0% versus prior year; Q3 Branded sales up 8.8%
• Particularly strong Grocery performance, Q3 sales up 17.4%
• Grocery business continues to grow faster than its markets, gaining 66 basis points of value share
• Sweet Treats Q3 sales down (0.9%)
• International sales up 10%, another quarter of double-digit growth
• Announcing proposed closure of loss-making, predominantly non-branded, Knighton manufacturing site
• Well on track to deliver on FY22/23 expectations

Financial headlines
 

• ​Group revenue up +6.2%, Q2 revenue up +6.4%
• Branded revenue growth up +3.9% in H1 and +3.6% in Q2
• Trading profit1 up +6.2%, margins maintained in line with prior year
• Adjusted profit before tax up +11.9%, adjusted earnings per share up +11.4

• Group revenue up +6.6%
• Statutory profit before tax up +37.1%
• Basic earnings per share of 4.2p, up +68.0%
• Combined pensions surplus of £961.8m, up +1.8% compared to 2 April 2022

Strategic & operational headlines

• Branded growth model delivered 5.0% average UK branded revenue growth over last three years
• Gross margins in line with last year as input cost inflation offset by cost savings and increased pricing
• International revenue growth up +11%8 with broad based growth in target markets
• Doubled new categories revenue through brand extensions including Rubs & Marinades, Ice-cream and Porridge
• Completed highly complementary acquisition of The Spice Tailor
• On track to deliver full year expectations

Premier Foods, one of the UK’s largest food manufacturers and home to some of the nation’s best loved brands, and FareShare, the UK’s biggest charity fighting hunger and food waste, have today unveiled a new long-term partnership aimed at tackling food waste and supporting those in food poverty.

You can launch the video  here >> 

10/11/2022

Premier Foods today announces it has agreed to acquire The Spice Tailor (“The Spice Tailor”), a premium, authentic Indian and South East Asian meal kits and accompaniments brand.

Strategic Highlights:

• A high growth premium brand with +20% compound annual growth rate¹ over the last four years and forecast to deliver strong sales and profit growth over the coming years
• Closely aligned to current consumer trends including convenient home cooking, premiumisation and authenticity
• Highly complementary to the Group’s Sharwood’s and Loyd Grossman brands
• Strong geographical fit with Premier Foods’ existing footprint, with a presence in the UK, Australian, Canadian and Irish markets
• Will significantly expand the Group’s ethnic foods business in Australia
• Delivery of further growth through leveraging Premier Foods’ well established and proven branded growth model
• The Group’s strong retailer partnerships present a clear opportunity to expand current retailer distribution across existing and new geographies

Headlines:

• Q1 Group sales up 6.3% versus two years ago - at top end of Group’s expectations, Branded sales up 9.3%
• As expected, sales versus prior year lapping exceptional circumstances of first lockdown
• Grocery excluding out of home channels up 13% compared to two years ago
• Strong International performance, building on successful prior year, up 17% on two year basis
• Sales from strategy of expanding into new categories already delivered over £6m in last 12 months
• Full year adjusted profit before tax now expected to be at top end of Group expectations