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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 £155 million for financial year 2023, up from £141.2 million a year prior, after software amortisation. Adjusted pretax profit is expected at around £135 million, up around 10% from £121.4 million after software amortisation posted for financial 2022. Premier Foods added that net debt is anticipated broadly in line with last year’s £285.0 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. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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