Premier Foods Posts 1.5% Increase In Revenue In H1

Sales in the group's portfolio of brands have all grown

Sales in the group's portfolio of brands have all grown

Adjusted pre-tax profits rose to £26.4m for the six months ending in September, up from £26.3m for the period in 2016.

"Our strategic partnerships with Nissin and Mondelez International are working very well, together delivering over 40 per cent of our revenue growth in the second quarter".

Branded revenue was in line with previous year, Premier Foods said, at GBP295.4 million, whilst non-branded revenue increased by 10% to GBP57.9 million. "A key highlight was our strong performance in the second quarter, with volume driven revenue up +6.2% after a challenging first quarter".

In the second quarter, revenue increased by 6.2% to GBP183.2 million compared to the equivalent quarter a year ago.

In May this year Premier Foods signed a deal with Mondelēz global to renew the company's long-standing licence to produce and market Cadbury-branded cake.

At the end of the six month period the company's net debt was £535.3m, an improvement of £20.7m on the same period last year, according to the group's half year results.

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Operating profit was up 2.3% to £22.5 million.

"We are pleased to report a return to revenue growth of +1.5% in the first half of the year", said Gavin Darby, Premier Foods chief executive.

Darby noted that through the group's partnership with Nissan, Batchelors is now the "fastest growing major brand in our portfolio following the launch this year of convenient pot format products such as Super Noodle Pots".

During the year the company performed a cost efficiency programme, which they said was on track to deliver the "expected benefits".

It added that cost inflation, largely driven by the Brexit-hit pound, would continue to rise in the second half of the year, but at a lower rate.

Shares in Premier Foods were up 4.8% at 38.25 pence on Wednesday.

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