Jan 19, 2021

Premier Foods profits set to jump as consumers stick to familiar brands

Premier Foods, maker of Mr Kipling cakes and Bisto gravy, expects a sharp rise in trading profit after consumers stuck at home turned to its familiar brands. International sales shot up 43 per cent year-on-year during the quarter, although Premier said that figure was flattered by stockpiling ahead of the January 1 Brexit transition. Bisto gravy and Batchelors dried foods both benefited from double-digit sales growth last year. Sales of the Sharwood's brand were up 40 per cent in the quarter compared with a year earlier. He said trading profit would be £145m to £150m in the year to March 2021 - at least 12 per cent higher than a year earlier - and the ratio of net debt to earnings before interest, tax, depreciation and amortisation was set to fall below two times.

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