(Alliance News) - Premier Foods PLC on Tuesday increased its profit expectations for financial 2023 as it noted high growth from its grocery business.
The St Albans, Hertfordshire-based food manufacturer's financial 2023 ends on April 1. The company creates products for foods brands including Ambrosia, Batchelors, Bisto, Loyd Grossman, Mr Kipling, Oxo and Sharwood's.
"The group has continued to trade strongly in recent weeks, bringing the momentum it delivered in quarter 3 into the final quarter of the year," Premier Foods said.
Premier Foods now anticipates trading profit of around GBP155 million for financial year 2023, up from GBP141.2 million a year prior, after software amortisation. Adjusted pretax profit is expected at around GBP135 million, up around 10% from GBP121.4 million after software amortisation posted for financial 2022.
Premier Foods added that net debt is anticipated broadly in line with last year's GBP285.0 million and in line with board's expectations.
The company will release its annual results on May 18.
Premier Foods shares were 9.7% higher at 126.20 pence each in London on Tuesday morning.
By Tom Budszus, Alliance News reporter
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Premier Foods (PFD)