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Premier Foods PLC on Wednesday said that it is ‘firmly’ on track to meet full-year expectations as it posts a jump in sales during its first quarter.
Premier Foods is a St Albans, England-based food manufacturer. It creates products for brands including Ambrosia, Batchelors, Bisto, Mr Kipling,/Oxo/and Sharwood's.
In the thirteen weeks ended July 2, it reported that group sales were up 6.0% to £197.0 million compared to £185.9 million the prior year. Branded sales were also up 4.2% to £169.6 million from £162.8 million year-on-year.
During the quarter, grocery sales rose by 6.3% to £141.6 million from £133.2 million. Premier Foods said that Batchelors and Nissin performed ‘particularly well’, with good value meal solutions proving increasingly popular as the country grapples with a cost-of-living crisis.
It added that international sales rose by 12%, due to strong performance in Australia where Mr Kipling cakes delivered its ‘highest market share ever’.
Looking ahead, Premier Foods said that it is ‘firmly’ on track to deliver financial year 2023 expectations.
It added that it will continue to monitor the cost-of-living crisis and climbing inflation, but reassures that ‘good progress’ has been made so far.
Chief Executive Officer Alex Whitehouse said: ‘We have made good progress in recovering our input cost inflation through a range of measures, including cost efficiencies and pricing, and we continue to monitor the situation closely.
‘Consumers are increasingly looking to cook tasty affordable meals at home; this fits well with our broad portfolio of brands and was illustrated by the strong performance of Batchelors and Nissin in the quarter,’ Whitehouse added.
Shares in Premier Foods were down 0.6% to 109.95 pence each in London on Wednesday morning.
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