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Premier Foods PLC on Thursday said the company is benefitting from the implementation of its five pillar strategy. The St Albans, England-based food producer said pretax profit increased 35% in the year ended March 30, to £151.4 million from £112.4 million the previous year. Revenue rose 13% to £1.14 billion from £1.01 billion. Following these results, the company raised its final dividend 20% to 1.728 pence per share from 1.440p. No other dividends were paid during the year. Chief Executive Officer Alex Whitehouse said: ‘This has been another really strong year for the business with considerable progress across all our key financial metrics and five pillar growth strategy.’ The five pillar strategy encompasses growing the UK core business, supply chain investment, expanding UK the business into new categories, building international businesses, and inorganic opportunities. Notably, the company’s UK branded revenue increased 14% and added 29 basis points of market share gain, outperforming the market. Premier Foods increased capital investment to £32.8 million, up 64% from £20.0 million. Looking ahead, Premier Foods expects to meet expectations in the current financial year and see a return to volume driven revenue growth while making further progress across all strategic pillars. Premier Foods shares were down 1.4% to 166.20 pence each in London on Thursday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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