Quarter 1 Trading Update for the thirteen weeks ended 29 June 2024

Headlines:

• Q1 Group sales up 5.3% versus prior year, Branded sales up 7.3%
• Grocery branded sales up 8.6%, Sweet Treats branded sales up 3.5%
• Volume growth and market share gains in both Grocery and Sweet Treats
• New categories sales up 68%; led by Ambrosia Porridge pots and Ice-cream
• International⁴ sales up 24%
• New larger five year Revolving Credit Facility signed on improved terms
• FY24/25 full year expectations unchanged

Alex Whitehouse, Chief Executive Officer, said:

“We’ve delivered another quarter of strong branded sales growth, yet again demonstrating the strength of our portfolio and the effectiveness of our branded growth model.  During the quarter, we have gained both value and volume market share in Grocery and Sweet Treats, as more shoppers bought more of our leading brands, delivering good volume growth across our categories. Mr Kipling, Nissin and The Spice Tailor were standout performers, and we continued to launch new products across the portfolio. International sales grew by 24%, with strong growth in each of our overseas regions, and sales from new categories increased by 68%, led by Ambrosia porridge pots and Angel Delight ice-cream.”

 “As we look forward to the rest of the year, we have a strong set of marketing and product innovation plans for our brands in the UK and Ireland, while we continue to build distribution internationally. We expect to see more volume led branded sales growth in the coming quarters, further progress overseas and our expectations for the full year remain unchanged.”

To read and download the RNS of our Quarter 1 Trading Update for the 13 weeks ended 29 June 2024 please click this link.>>

1. Sales data is for the thirteen weeks to 29 June 2024 and 1 July 2023
2. Sales disclosed include acquisitions and exclude Charnwood Foods, the closure of which is due this financial year
3. Market share data sourced from IRI, 12 weeks ended 29 June 2024
4.  International sales are stated on a constant currency basis. Sales to Ireland were previously included in International; following an internal reorganisation these are now included as part of our UK business
5. All financial data is unaudited and has not been subject to review by the Company’s auditors
6. The Revolving Credit Facility attracts a margin on a ratchet grid according to latest reported Net debt/EBITDA