May 19, 2021

Bisto and Oxo sales enable first dividend in a decade at Premier Foods

Premier Foods is set to reinstate its dividend for the first time in 13 years after a surge in sales of its Bisto gravy and Oxo cubes led to a more than doubling of profits. Premier Foods said a substantial increase in sales across brands including Sharwood's, Oxo and Bisto "More than offset" higher supply-chain costs caused by the outbreak of Covid-19. Whitehouse said growth in the UK and abroad, where revenue increased 23 per cent compared with the year before, meant Premier Foods could expand "At pace and with rigour". Premier launched several new products in Ireland and Australia and recently signed an agreement with North American bakery group Weston Foods to sell Mr Kipling cakes in the US. It said it planned to invest in further television campaigns for its chocolate tarts, having brought a number of new sweet treats to the market in the past year. Premier Foods, whose shares have risen 137 per cent in the past 12 months, has proposed a final dividend of 1p per share.

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