Financial headlines

• Group revenue up +15.0%; Q2 Group revenue up +8.1%
• Branded revenue up +18.6%; Q2 branded revenue up +11.0%
• Trading profit increased +28.7% to £65.8m after increased marketing investment and incremental Covid costs
• Adjusted profit before tax up +50.2% to £47.7m; adjusted earnings per share up +49.6% to 4.5p
• Statutory profit before tax increased £35.5m to £50.5m; profit after tax up £31.1m to £43.4m
• Net debt reduced by £87.9m on pre-IFRS 16 basis to £382.8m; Net debt on post-IFRS basis £403.1m
• Net debt/EBITDA, reduced to 2.3x compared to 2.7x six months earlier
• Combined pensions surplus of £516.5m reduced from £1,230.4m at 28 March 2020 due to discount rate decrease

• Exceptional trading throughout H1, delivering strong profit growth and accelerated Net debt reduction
• Priority of protecting colleagues through COVID-19 pandemic and keeping shelves stocked
• Growing faster than the market; share gains in all our categories
• Online performance +112% and ahead of this fast growing channel, increasing market share by 260bps
• Grocery brands household penetration up over 3%, attracting 1.1 million new consumers
• Significantly increased consumer marketing investment planned for FY20/21; six major brands on TV
• Branded revenue growth more than offsets Non-branded revenue declines in B2B out of home volumes
• Cost savings programme to deliver ahead of £5m target
• Announced repayment in aggregate of £120m callable Floating rate notes in FY20/21 reducing interest costs by £6m p.a.
• Credit ratings upgrades received from both S&P and Moody’s
• Hovis disposal completed 5 November, raising proceeds of £37.3m

TERRIFYING TREATS WITH ROALD DAHL’S THE WITCHES 

Premier Foods has expanded its Roald Dahl partnership nationally this Halloween. The two limited-edition products, Grand High Witch’s Chocolate + Vanilla Slices and Formula 86 Chocolate Tarts, are inspired by Roald Dahl’s ‘The Witches’ story. These terrifying treats have been carefully developed to reflect specific elements of the renowned story and bring some joy to the nation celebrating this popular calendar moment. 

In our commitment to offer healthier choices, Premier Foods has introduced reduced sugar versions of some of its most popular Sharwood’s stir fry sauces to appeal to health-conscious consumers at a time when many continue to prepare meals at home.  

15/09/2020

The Headlines: 

This morning we announced our Q1 Trading Update:
•    Q1 Group sales up +22.5%, Q1 Branded sales up +27.0%
•    Q1 UK sales up +23.0%, Q1 Branded UK sales up +27.9%
•    Outperforming the market in every category
•    Online growth of +115%; ahead of the channel and gaining +2.7ppts share
•    Strong household penetration growth, particularly for Grocery brands
•    Advertising investment increasing from four to six major brands this year 
•    Recently upgraded expectations for the full year unchanged; initial Q2 volumes remain elevated
 

29/07/2020

We are pleased to advise that our 2019/20 Annual Report was published today together with the notice of the 2020 Annual General Meeting (AGM). 

07/07/2020

Financial headlines

• Group revenue up +2.8%; Q4 Group revenue up +3.6%
• UK revenue up +4.3%; Q4 UK revenue up +7.3%
• Trading profit increased +3.2% to £132.6m after increased marketing investment
• Adjusted profit before tax up +6.0% to £93.3m; adjusted earnings per share7 up +5.4% to 8.9p
• Statutory profit before tax £53.6m; profit after tax £46.5m, both reversing prior year losses
• Net debt reduced by £61.8m on pre-IFRS 16 basis to £408.1m
• Net debt/EBITDA3,11 2.7x – comfortably beating March 2020 target of 3.0x
• Combined pensions surplus £1,230.4m (30 March 2019: £373.1m)

We are withdrawing a very small number of Bisto Original Gravy Powder (400g)  cartons from sale in ASDA stores in the north east of England that are displaying an allergen notice, because it contains milk not mentioned in the Ingredient Declaration.

06/06/2020

Aiming to raise £200,000 over a two year partnership, we’ve twinned each of our sites with a local hospice to help provide much needed funds to ensure families in our communities are supported and have access to the very best care that is available.
 

14/05/2020

Premier Foods plc today confirms it has concluded its strategic review announced on 27 February 2019 and announces a transformational agreement with its pensions schemes. The Group also provides an update on current Trading and on the impact on the Group of the COVID-19 outbreak.

20/04/2020

Mr Kipling has returned with a selection of Easter favourites.  Back by popular demand, the Mr Kipling Egg Fancies are a seasonal twist on a Mr Kipling classic! Bite into the delicious sponge to uncover the perfect fondant yolk.

05/03/2020