Last checked at 7 Mar 2023 07:00
7 March 2023
Premier Foods plc (the "Company" or the "Group")
Continued strong performance, increasing profit guidance
Premier Foods today provides an update on recent trading, further to its Quarter 3 trading update of 19 January 2023.
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. Accordingly, it now expects revenue growth in Q4 to be at least 10% ahead of the prior year. The Grocery business continues to lead the way, with broad based growth and further market share gains, while Sweet Treats has demonstrated an improving trend. International will deliver another quarter of strong sales growth.
Consequently, Trading profit and adjusted profit before tax for this year are forecast to be ahead of the Board's initial expectations and are now expected to be around £155m and £135m respectively, which equates to growth of approximately 10% compared to prior year1. Net debt is anticipated to be broadly in line with last year and the Board's expectations.
The Group will release its Preliminary results for the 52 weeks ended 1 April 2023 on 18 May 2023.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
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Note to Editors:
1. | Trading profit and Adjusted profit before tax for FY21/22 of £141.2m and £121.4m are stated after software amortisation |
As one of the UK's largest food businesses, we're passionate about food and believe each and every day we have the opportunity to enrich life for everyone. Premier Foods employs over 4,000 people operating from 15 sites across the country, supplying a range of retail, wholesale, foodservice and other customers with our iconic brands which feature in millions of homes every day.
Through some of the nation's best-loved brands, including Ambrosia, Batchelors, Bisto, Loyd Grossman, Mr. Kipling, Oxo and Sharwood's, we're creating great tasting products that contribute to healthy and balanced diets, while committing to nurturing our people and our local communities, and going further in the pursuit of a healthier planet, in line with our Purpose of 'Enriching Life Through Food'.
Contacts:
Institutional investors and analysts:
Duncan Leggett, Chief Financial Officer
Richard Godden, Director of Investor Relations
Investor.relations@premierfoods.co.uk
Media enquiries:
Lisa Kavanagh, Director of Communications
Headland | |
Ed Young | +44 (0) 7884 666830 |
Jack Gault | +44 (0) 7799 089357 |
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This announcement may contain "forward-looking statements" that are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements in the present tense, and can be identified by words such as "targets", "aims", "aspires", "assumes", "believes", "estimates", "anticipates", "expects", "intends", "hopes", "may", "would", "should", "could", "will", "plans", "predicts" and "potential", as well as the negatives of these terms and other words of similar meaning. Any forward-looking statements in this announcement are made based upon Premier Foods' estimates, expectations and beliefs concerning future events affecting the Group and subject to a number of known and unknown risks and uncertainties. Such forward-looking statements are based on numerous assumptions regarding the Premier Foods Group's present and future business strategies and the environment in which it will operate, which may prove not to be accurate. Premier Foods cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Undue reliance should, therefore, not be placed on such forward-looking statements. Any forward-looking statements contained in this announcement apply only as at the date of this announcement and are not intended to give any assurance as to future results. Premier Foods will update this announcement as required by applicable law, including the Prospectus Rules, the Listing Rules, the Disclosure and Transparency Rules, London Stock Exchange and any other applicable law or regulations, but otherwise expressly disclaims any obligation or undertaking to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.