Quarter 1 Trading Update for 13 weeks ended 1 July 2023

Q1 Group sales up 21.1% versus prior year, Branded sales up 17.5%
July 20, 2023


  • Q1 Group sales up 21.1% versus prior year, Branded sales up 17.5%
  • Further Grocery market share gains in the quarter, up another 94 basis points
  • Mr Kipling delivered record market share in Australia and continued to build further distribution in the US
  • New categories progress continues; sales of Ambrosia Porridge pots and Cape Herb & Spice more than doubled
  • FY23/24 Trading profit now expected to be at top end of market expectations

Alex Whitehouse, Chief Executive Officer

“We’ve made a strong start to the year, sustaining the positive momentum from previous quarters, with Q1 sales growth of 21.1%, branded sales up 17.5% and further grocery market share gains. Our sales performance was broad based, supported by ongoing brand investment, new product development such as Mr Kipling Brownie Bites and strong in-store activation. Our portfolio, which helps consumers make good value and nutritious, tasty meals at home, continues to demonstrate a high level of relevance in the current, challenging economic climate.

We continue to make very good progress on our five-pillar growth strategy. In our International business, Mr Kipling has achieved a record level of market share in Australia and has now built distribution to 1,400 stores in the US. New categories sales of both Ambrosia porridge and Cape Herb & Spice more than doubled, while The Spice Tailor continues to secure incremental distribution in the UK and overseas.

“We believe the recent period of significant input cost inflation is now past its peak and have no further price increases planned for the rest of 2023. With this positive momentum, and strong plans behind our leading brands for the remainder of the year, we now expect FY23/24 trading profit to be at the top end of market expectations.”

Read and download the full RNS of our Quarter 1 Trading Update