Full Year Results for the 52 weeks ending 28 March 2026
Financial headlines
- Full year headline branded revenue up 3.4%, H2 strengthened to +4.7%; strong product innovation programme
- Total Grocery branded revenue up 2.3%, Sweet Treats branded revenue up 7.3%
- Further market share gains in both Grocery and Sweet Treats
- Trading profit £200.4m, ahead of previously raised expectations, up 6.7% versus prior year
- Profit after taxation up 9.4% to £136.6m
- Net debt/Adjusted EBITDA now 0.4x
- Final dividend increased 20% to 3.36 pence;
- Board currently plans to introduce an interim dividend in FY26/27
Strategic headlines
- UK branded revenue up 3.7% in full year and H2 up 5.0%
- Capital investment increased by 25% to £51.9m
- Revenue from newly entered categories up 37%
- Continued strategic progress overseas; US revenue +17%, Europe +9%, total revenue (1.8%) lower due to reduced stock levels of cake in Australia
- All acquired brands; The Spice Tailor, FUEL10K and Merchant Gourmet had double-digit revenue growth
Alex Whitehouse, Chief Executive Officer, said:
“Our continued focus on delivering profitable branded revenue growth has resulted in another year of strong earnings progression with full year Trading profit increasing to more than £200m. This profit delivery is ahead of previously raised guidance and reflects further branded revenue growth and market share gains, in addition to efficiency benefits from our capital investment programme.”
“Our innovation programme has been particularly strong this year and has been a key driver of growth in our UK core branded business. New product ranges such as Mr Kipling cake bites tubs, OXO bone broth and Angel Delight bubble jelly have been extremely successful, and yet again demonstrate the strength of our Branded Growth Model. We are particularly pleased with the impact our new ranges have had within our Sweet Treats business, where we have seen branded revenue growth of over 7% this year. Boosted by these innovations, this has been Mr Kipling’s biggest ever year.”
“We’ve also continued to invest in the business; our capital infrastructure investment has increased further this year, as we drive automation, increase efficiencies, and lay the platform for further growth. Revenue from our entries into new categories grew 37% this year; the launch of FUEL10K yogurt & granola being a major highlight, and while our overseas business was impacted by a reduction of retailer stock levels of cake in Australia, we made strong progress in Europe and North America.”
“During the year, we also added the Merchant Gourmet brand to our portfolio, as we continue to deliver on our strategy of acquiring brands with strong future growth potential. All three of our acquired brands grew revenues double-digits this year and we see further opportunities for them, in the UK and overseas. Additionally, and even after the Merchant Gourmet acquisition, our financial leverage reduced to 0.4x Net debt/Adjusted EBITDA.”
“In line with our progressive approach to dividends, we’re increasing the final dividend by 20%, which is again well ahead of adjusted earnings growth. Given the continued strong performance of the Group and the cash generating capacity of the business, we also currently plan to introduce an interim dividend in FY26/27. As we look forward to FY26/27, our expectations are unchanged and we expect to make further strong progress across all our strategic pillars.”
To read and download the RNS of our Full Year Results for the 52 weeks ending 28 March 2026, please click this link.