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(Alliance News) - Premier Foods PLC on Tuesday reported strong trading for the festive season, and reaffirmed its profit guidance for financial 2024.
Premier Foods is a St Albans, Hertfordshire-based food manufacturer, which creates products for various brands including Ambrosia, Bisto, Mr Kipling and Oxo.
Total group sales rose 14% in the third quarter of the year ending March 30, Premier Foods said.
This was driven by a 12% surge in Grocery sales, which delivered 110 basis points. Meanwhile, sales for the Sweet Treats division jumped 21% and international sales in the quarter rose 11%.
Non-branded sales were 15% higher, "reflecting price increases in retailer branded product categories compared to the same quarter last year," Premier Foods said.
Total market share increased by 121 basis points in the quarter.
Chief Executive Officer Alex Whitehouse said: "The lower promotional price points we introduced in the third quarter have positively impacted performance while also helping consumer budgets go further. These lower prices will be extended to additional products such as Loyd Grossman cooking sauces and Mr Kipling Bakewell slices in quarter four."
Looking ahead, Premier Foods said it continues to trade strongly. As it enters into the final quarter of its financial year, the firm said it is "well on track to deliver against its previously raised profit expectations." Trading profit is expected to be about 10% higher in financial 2024, when it was GBP157.5 million in financial 2023 and 12% higher than GBP141.2 million in financial 2022.
Shares in Premier Foods traded at 139.72 pence each, down 0.3%.
By Sabrina Penty, Alliance News reporter
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