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Premier Foods to meet FY trading profit expectations, pre-tax profit seen slightly higher
(Sharecast News) - Mr Kipling owner Premier Foods said on Thursday that it was on track to meet full-year trading profit expectations, while adjusted pre-tax profit for the year was set to be slightly higher. In the 26 weeks to 27 September, revenue edged up 0.7% to £502.5m, while branded revenue was 1.9% higher at £453m.
Trading profit ticked up 0.4% to £70.5m and adjusted pre-tax profit rose 2.2% to £62.4m.
The company hailed another "very strong" performance from the sweet treats division, as well as an improved performance from UK grocery.
Premier said it expects branded revenue growth to build in the second half as further new product development comes to market.
The group said it remains on track to deliver on trading profit expectations for the year, while adjusted pre-tax profit is now expected to be slightly higher due to lower interest costs.
Chief executive Alex Whitehouse said: "The Sweet Treats growth reflects the strength of our innovation programme, with notable performances from Mr Kipling Breakfast Bakes, Cadbury Caramel Mini Rolls and the recently launched Mr Kipling cake bites tubs.
"We are particularly pleased with the continuing success of our Mr Kipling birthday cake tarts, with over 4 million packs sold since launch, as more people take up this US trend. The Grocery portfolio also benefitted from new ranges like Bisto Peri-Peri gravy, Batchelors microwaveable Pasta 'n' Sauce and Nissin Demae Ramen, and while warmer weather held back growth in some categories in Q1, the sales trend improved through the second quarter."
At 0910 GMT, the shares were up 0.8% at 174.40p.
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