Premier Foods: Announces H1 2021-2022 Results

London / UK. (pf) British Premier Foods PLC released its preliminary results for the 26 weeks ended 02 October 2021. Chief Executive Officer Alex Whitehouse: «We have delivered a very good first half performance, with revenue growth ahead of expectations; quarter two was particularly strong, with revenue growth of +8.5 percent vs two years ago. Our brands have performed especially well with growth versus two years ago of +11.4 percent and increased market share in both Grocery and Sweet Treats, illustrating the continued success of our branded growth model. I am particularly pleased with how well the business is successfully navigating the widely reported industry wide challenges including logistics, labour shortages and input cost inflation to deliver such a strong set of results, which again underlines the robustness of our operating capabilities.»

H1 2021-2022 Financial Headlines

Compared to 2 years ago

  • Q2 Group revenue up +8.5 percent, Q2 branded revenue ahead +13.3 percent
  • H1 Branded revenue up +11.4 percent reflecting strength of Group’s branded growth model
  • Trading profit +13.1 percent ahead
  • Adjusted profit before tax GBP 46.4m, up +46.3 percent due to trading performance and significant interest cost savings
  • Statutory profit before tax GBP 30.7m, up +104.7 percent
  • Net debt substantially lower than FY19/20 H1 at GBP 345.0m

Compared to 1 year ago

  • Q2 Group revenue up +0.4 percent, Q2 branded revenue ahead +2.1 percent
  • H1 Branded revenue (6.1 percent) lower than prior year due to lapping effect of exceptional pandemic related volumes
  • Statutory profit before tax down (39.2 percent); Hovis disposal gain in prior year
  • Net debt GBP 58.1m lower than FY20/21 H1
  • Combined pensions surplus of GBP 607.7m, GBP 67.8m higher than six months earlier

Alex Whitehouse: «Adjusted profit before tax increased by +46 percent vs two years ago benefiting from both the trading performance and significantly reduced interest costs following the completion of our earnings enhancing refinancing earlier in the year. Net debt is more than GBP 50m lower than this time last year.

«As we look ahead to the second half of the year, we will be launching a range of insight driven new products and supporting six of our key brands with advertising. We will expand our presence in adjacent new categories, building on the initial success of Cape Herb and Spice and Oxo Rubs + Marinades, as well as bringing to market premium Mr Kipling biscuits and a range of branded Ice cream. We will also continue to develop our overseas businesses including the full rollout of Mr Kipling in Canada and the test launch of Mr Kipling in the USA.

«We enter the second half of the year with strong momentum, and with a series of exciting plans in place for our brands, we remain firmly on track to deliver on our profit expectations for the full year.»

For additional information please read the Company’s PDF file below (349 KB):