Premier Foods profits soar as firm publishes 2023/24 results

By William Dodds

- Last updated on GMT

The firm owns a number of leading food brands such as Ambrosia. Credit: Premier Foods
The firm owns a number of leading food brands such as Ambrosia. Credit: Premier Foods

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Premier Foods has released its financial results for the 52 weeks to 30 March 2024.

According to the figures, Premier Foods saw headline revenue rise by 15.1% year-on-year and brand revenue increase 13.5% after a strong Q4.

Meanwhile, headline grocery revenue and sweet treats revenue rose by 16.7% and 10.6% respectively.

This all translated to 14% growth in trading profit, which was ahead of expectations, and a profit after tax figure for the fiscal year of £112.5m.

The food manufacturer also increased its market share by 29 basis points over the full year, based on Circana data.

Commenting on the results, Premier Foods CEO Alex Whitehouse said the firm had experienced considerable progress in all of its key financial metrics and against its five pillar growth strategy.

“Our brands continue to demonstrate their relevance to consumers, helping them cook and prepare nutritious and affordable meals during what has been a challenging time for many people,”​ Whitehouse added.

“We continue to invest in our manufacturing sites, with capex stepping up as planned to £33m, as we invest in driving efficiencies and facilitating growth through product innovation. We were also delighted to acquire FUEL10K which is now fully integrated into the core business, is performing very well and for which we have exciting future plans.”

Whitehouse noted that the firm has continued to maintain financial discipline, enabling it to increase its dividend per share to 1.728p, a rise of 20%.

He continued: “We recently announced the suspension of pension deficit contributions, significantly increasing our free cash flow, which enhances our ability to invest in infrastructure and pursue M&A opportunities to deliver future growth. We have a strong set of plans for this year, across each of our strategic pillars and with our return to volume growth, we are on track to deliver on full year expectations.”

Employing 4,000 people across 15 sites, Premier Foods owns brands such as Ambrosia, Batchelors, Bisto, Loyd Grossman, Mr. Kipling, Oxo and Sharwood’s.

In other news, SHICKEN founders Parm and Satvinder Bains tell Food Manufacture about their longstanding commitment to the creation of authentic Asian plant-based dishes​, and how they grew from a kitchen start-up to build a multi-million-pound business.

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