17 May 2016
We've announced our Preliminary results for the 52 weeks ended 2 April 2016.
- Full Year Group sales +0.6%; Branded sales flat
- Q4 Group sales up +1.4%; Branded sales up +1.0%
- Trading profit3 £131.0m, in line with last year
- Adjusted profit before tax5 increased +£2.9m to £86.1m
- Adjusted earnings per share5 increased +4.6% to 8.3 pence
- Net debt reduced to £534.2m from £584.9m - includes consolidation of Knighton
- Improved overall IAS 19 pension schemes position
- FY16/17 sales growth guidance raised to 2-4%
Gavin Darby, Chief Executive Officer, said:
“We are very pleased to report sales growth both in the year and the fourth quarter in what continues to be a deflationary market. Our strategy of investing behind our brands and bringing new innovative products to market continues to deliver very positive results, with six of our major brands growing on average +3.4% in the year. The Sweet Treats business reported sales growth in every quarter of the year while the International business also displayed excellent progress during the year with sales up +18%6.”
“Our adjusted earnings per share increased by +4.6% in the year, we reduced Net debt by over £50m and on an accounting basis our pension schemes have an improved financial position.”
“We recently set out some additional strategic initiatives which we believe will further accelerate our growth and now expect to deliver sales growth of 2-4% in both FY16/17 and the medium term. The potential opportunities presented by our partnership with Nissin are also very exciting. The Board is focused on delivering shareholder value and we see a strong future for Premier Foods with its leading category positions, great brands and strong operational cash flows.”
2 April 2016
4 April 2015
Operating profit/(loss) (£m)
Profit/(loss) after taxation (£m)
Basic earnings/(loss) per share (pence)
Adjusted earnings per share (pence)
4 April 20152
Group sales (£m)
Trading profit (£m)3
Adjusted profit before tax (£m)5
Measures above are defined below and reconciled to statutory measures in the appendices, where necessary
1. The statutory accounting period is the 52 weeks from 5 April 2015 to 2 April 2016.
2. Comparative pro forma results are prepared for the 52 weeks ended 4 April 2015 and are unaudited.
3. Trading profit for the underlying business is reconciled to continuing operations Trading profit in the appendices and is defined as Operating profit before amortisation of intangible assets, impairment, fair value movements on foreign exchange and other derivative contracts, restructuring costs, profits and losses associated with divestment activity and net interest on pensions and administration costs.
4. EBITDA is Trading profit excluding depreciation.
5. Adjusted profit before tax is defined as Trading profit for the underlying business less net regular interest. Net regular interest is defined as net finance cost after excluding write-off of financing costs, fair value movements on interest rate financial instruments and other interest. Adjusted earnings per share is defined as Adjusted profit before tax less a notional tax charge of 20.0% (2014/15: 21.0%) divided by the weighted average of the number of shares of 826.0million (52 weeks ended 4 April 2015: 824.4million). The weighted average of the number of shares and notional tax charge for the financial period from 1 January 2014 to 4 April 2015 was 731.4 million and 21.4% respectively.
6. International sales growth is stated excluding the impact of foreign currency movements.
16 May 2016
17 May 2016
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