Quarter 3 Trading Update for the 13 weeks ending 28 December 2024
Financial Headlines:
• Q3 Group sales up 3.1% versus prior year; Q3 Branded sales up 4.6%
• Grocery Branded sales up 3.5%, Sweet Treats Branded sales up 8.9%
• Continued volume led growth; Branded volumes up 7%
• Further value and volume market share gains
• Strategic progress continues in all International target regions, total sales up 29%
• New Categories sales up 38%, led by Ambrosia porridge pots
• The acquired brands The Spice Tailor and FUEL10K both delivered double-digit revenue growth
• Now guiding for Trading profit to the upper end of FY24/25 expectations
Alex Whitehouse, Chief Executive Officer, said:
“We are pleased to report another very good quarter of volume led branded revenue growth, accompanied by further market share gains, as our branded growth model continues to deliver well for us. Our Sweet Treats business had a particularly strong Christmas with branded sales up 8.9%; Mr Kipling sold 20% more mince pies this year, delivering its biggest ever quarter. Earlier this year, we said that consumers are starting to trade up and treat themselves more. This has continued over Christmas with our premium ranges such as Ambrosia Deluxe desserts, Bisto Best gravy and Mr Kipling Signature Brownie Bites performing strongly and we more than doubled the sales of our Mr Kipling Signature mince pies.”
“Our acquired brands, The Spice Tailor and FUEL10K, both delivered double digit sales growth, as we leverage our product innovation capabilities and commercial relationships to unlock their potential. Ambrosia porridge pots and Cape Herb & Spice were standout performers of the 38% growth in new categories in the quarter, while all our target overseas regions delivered further strong progress as International sales increased 29%.”
“Having delivered very good volume led, branded revenue growth in our key third quarter, we’re now guiding Trading profit to the upper end of expectations for this financial year. As we look to the rest of FY24/25 and to the medium term, we expect to deliver further progress as we continue to execute against our five pillar growth strategy.”
To read and download the RNS of our Quarter 3 Trading Update for the 13 Weeks ending 28th December 2024, please click this link.
