The 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

Headlines:

• Branded revenue up +13.6% in full year and ahead +7.0% in Q4
• Trading profit increased +11.9% to £148.3m after increased marketing investment and incremental Covid costs
• Net debt/EBITDA, (pre-IFRS 16) reduced to 1.9x, the Group’s lowest ever leverage
• Repaid £190m Floating rate notes in FY20/21 reducing interest costs by c.£10m p.a.; plus ratings agency upgrades
• Combined pensions surplus of £539.9m
• New RCF facility to 2024 and launching offer of new £300m 5 year Senior Secured Fixed Rate Notes
• Proposed final dividend of 1.0 pence per share; reinstated for first time in thirteen years

Premier Foods has today announced the promotion of Hannah Collyer to Director of Corporate Affairs and ESG. This is a newly created role, sitting on Premier Foods’s Executive Leadership Team, and reporting to Chief Executive Officer, Alex Whitehouse.

05/05/2021

Sharwood’s is heading back to UK TV screens for the first time in over five years. As part of a £1m campaign, the brand will showcase that through Sharwood’s Indian range, consumers can be transported on a taste adventure inspired by modern day India’s culture, traditions, flavours and colours. 

08/03/2021

• People are experimenting more in the kitchen: on average, one third of households have added a dish to their weekly ‘go-to’ evening meals over the last year
• While the classics have continued to be popular, lighter options such as fish and potatoes, and meat-free dishes such as vegetarian curry, have seen fast growth
• Health remains a key priority:  81% of people want to eat more healthily over the year ahead

Headlines:

• Q3 Group sales up +9.0% and up +12.5% year to date
• Q3 Branded sales up +12.1% and +16.0% year to date
• Continuing to outperform the market, gaining volume and value share
• Online continues to grow strongly, up +90% in Q3
• Five major brands received advertising investment over Christmas period; more to come in Q4
• International sales grew +43%; continuing strong trajectory so far this year
• Further £40m part redemption of Floating Rate Notes due July 2022, saving further £2m p.a. interest costs
• Net debt/EBITDA now expected to be below 2.0x by year end

Mr Kipling has whipped up a whirlwind by introducing 30% Less Sugar Viennese Whirls which will provide a healthier choice for people looking for more permissible cakes.

13/01/2021

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