Premier Foods sees FY trading profit at upper end of expectations

(Sharecast News) - Mr Kipling and OXO owner Premier Foods said on Thursday that full-year trading profit was set to be at the top end of market expectations as it posted a jump in first-quarter sales. Group sales in the 13 weeks to 1 July rose 21.1% on the prior year, with branded sales up 17.5%.

Chief executive Alex Whitehouse said: "Our sales performance was broad based, supported by ongoing brand investment, new product development such as Mr Kipling Brownie Bites and strong instore 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."

Following the "strong" first quarter, Premier Foods - which also owns Batchelors, Ambrosia and Bisto, among others - now expects FY23/24 trading profit to be at the top end of market expectations of between £162m and £165.4m.

Whitehouse added: "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."