May 18, 2022
Premier Foods boosted by rise in home cooking as inflation bites
Premier Foods said inflation was making more people eat at home and use its Homepride and Sharwood's cooking sauces, providing a further boost after the UK company prospered in the pandemic. Alex Whitehouse, chief executive, said: "Over the last year, we again saw market share gains across both our grocery and sweet treats businesses versus two years ago, and in recent weeks we've actually seen those market share gains strengthen further." Sales were still below the levels of a year earlier when coronavirus restrictions remained in place: revenues were down 4.9 per cent from the previous year at £900.5mn, but up 6.3 per cent from two years previously. Pre-tax profit was down 16.4 per cent at £102.6mn because of a windfall from the group disposing of its stake in bread maker Hovis the previous year, but trading profit rose 11.9 per cent to £148.3mn. Shares in the FTSE 250 group rose 7.9 per cent by lunchtime to £1.15. UK consumer price inflation reached 9 per cent in April, its highest level in more than 40 years, official data showed on Wednesday.
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