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:

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):

20240123-PREMIER-FOODS-Q3-2023.