Premier Foods: Released Q3-2022 Financial Results

London / UK. (pf) British Premier Foods PLC provided its Third Quarter trading update for the 13 weeks ended 31 December 2022. Summary:

Financial headlines

  • Q3 Group sales up 12.0 percent versus prior year; Q3 Branded sales up 8.8 percent
  • Particularly strong Grocery performance, Q3 sales up 17.4 percent
  • Grocery business continues to grow faster than its markets, gaining 66 basis points of value share1
  • Sweet Treats Q3 sales down (0.9 percent)
  • International sales up 10 percent2 , another quarter of double-digit growth
  • Announcing proposed closure of loss-making, predominantly non-branded, Knighton site
  • Well on track to deliver on FY-2022/2023 expectations

Chief Executive’s Commentary

Alex Whitehouse, Chief Executive Officer: «We delivered a strong trading performance in our important third quarter, with sales growth of 12 percent compared to the same period last year. These results illustrate the continuing appeal of our portfolio of market-leading brands in such a challenging environment and demonstrate the strength and resilience of our branded growth model. Our major Grocery brands produced a particularly good set of results for us, continuing to grow faster than the market, taking 66 basis points of share1. Across the country, people got cooking again this Christmas, demonstrating that the Best Restaurant in Town really is at home. Many of our leading brands grew strongly, with established seasonal favourites including Ambrosia custard and new launches such as Bisto pigs-in-blankets gravy granules all proving very popular. Mr Kipling had another strong performance, with the introduction of our non-HFSS Deliciously Good Festive Pies helping to grow our Mince Pie market share. Meanwhile, our International business has now reported another quarter of double-digit sales growth, with Sharwood’s growing over 20 percent following major new listings in Canada. Input cost inflation remains at elevated levels, and we continue to take action to offset this inflation through a range of measures. With strong trading momentum as we enter our final quarter of the year, and with more brand investment and new product launches to come, we are on track to deliver on expectations for the full year.»

For additional information please read the company’s PDF file below (254 KB):