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Premier Foods guides for higher profit as lockdowns spark demand for groceries
StockMarketWire.com
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Mr Kipling cakes and Bisto gravy maker Premier Foods said it expected to post higher annual eanrings after its third-quarter sales jumped 9%, as people buy more groceries during lockdown.
Trading profit for the year through March was now expected at between £145 million and £150 million, up from £132.6 million year-on-year, the company said in an update.
Premier Foods, which had been plagued by a heavy debt load, said it now expected its net debt to earnings before interest, tax, depreciation and amortisation ratio to fall below 2.0 times by year end.
Chief executive Alex Whitehouse said the company achieved 'exceptional' growth in the third quarter amid heightened restrictions on out-of-home eating.
In the year to date, sales were up 12.5%.
'Looking to the remainder of the year, out of home eating is likely to remain heavily restricted and we therefore expect to see continued high levels of consumer demand for our products,' Whitehouse said.
Story provided by StockMarketWire.com
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