Premier Foods: Released Q3-2023 Financial Results

London / UK. (pf) British Premier Foods PLC provided its Third Quarter trading update for the 13 weeks ended 30 December 2023. Summary:

  • Q3 Group sales up 14.4 percent versus prior year; Q3 Branded sales up 12.7 percent
  • Grocery sales up 11.9 percent, Sweet Treats sales up 21.3 percent
  • Total market share increased by 121 basis points versus prior year
  • International sales up 11 percent, strong performances across strategic markets
  • Sales from New Categories up 108 percent versus prior year
  • Strong The Spice Tailor sales in both UK and International; Fuel10K is off to a good start
  • Well on track to deliver on previously upgraded expectations for full year

Chief Executive’s Commentary

Alex Whitehouse, Chief Executive Officer: «We delivered a very strong performance in our important third quarter with double-digit sales growth across the Group, underlined by particularly strong market share gains of over 120 basis points. Our International business had another very good quarter, growing sales by 11 percent, delivering progress in our strategic markets. Sales in new categories more than doubled, with Ambrosia Porridge pots and Mr Kipling and Angel Delight Ice-cream both standout performers. Meanwhile, The Spice Tailor continued to grow strongly, achieving distribution gains in target markets, while Fuel10K integration into the Group is progressing in line with plan.

«Festive favourites such as Bisto, Oxo and Paxo contributed to our biggest ever Christmas, as consumers enjoyed not only the core ranges but new products such as Bisto Best meat free gravy and Paxo Chicken and Bacon stuffing. We sold nearly 190 million mince pies, 4 million more than last year, helped by the new Mr Kipling «Best Ever» Signature mince pies.

«The lower promotional price points we introduced in the third quarter have positively impacted performance while also helping consumer budgets go further. These lower prices will be extended to additional products such as Loyd Grossman cooking sauces and Mr Kipling Bakewell slices in quarter four. With another strong period of trading behind us, and great plans for the coming months, we are well on track to deliver on profit expectations for this year.»

For additional information please read the company’s PDF file below (197 KB):