Premier Foods expects full-year profit at ‘top end’ of market expectations

Premier Foods has issued a positive profit outlook and said it has no plans to raise prices for the rest of 2023.

In a trading update for the first quarter, the food maker reported a 21.1% increase in group sales as well as market share gains.

Grocery sales were up 26.7% compared to last year, with all major brands “well ahead” in the quarter. In its confectionery business, non-branded sales grew by 86.2% as consumers looked for cheaper items amid the cost of living crisis.

Chief executive Alex Whitehouse said: “We believe the recent period of significant input cost inflation is now past its peak and have no further price increases planned for the rest of 2023.”

For the full year, Premier Foods expects to report trading profit at the “top end” of market expectations of £162.0m to £165.4m.

Premier Foods’ brands include Ambrosia, Batchelors, Bisto, Loyd Grossman, Mr. Kipling, Oxo and Sharwood’s.