Premier Foods plc Trading Statement (0722S)
07 Mars 2023 - 8:00AM
UK Regulatory
TIDMPFD TIDMIRSH
RNS Number : 0722S
Premier Foods plc
07 March 2023
7 March 2023
Premier Foods plc (the "Company" or the "Group")
Continued strong performance, increasing profit guidance
Premier Foods today provides an update on recent trading,
further to its Quarter 3 trading update of 19 January 2023.
The Group has continued to trade strongly in recent weeks,
bringing the momentum it delivered in quarter 3 into the final
quarter of the year. Accordingly, it now expects revenue growth in
Q4 to be at least 10% ahead of the prior year. The Grocery business
continues to lead the way, with broad based growth and further
market share gains, while Sweet Treats has demonstrated an
improving trend. International will deliver another quarter of
strong sales growth.
Consequently, Trading profit and adjusted profit before tax for
this year are forecast to be ahead of the Board's initial
expectations and are now expected to be around GBP155m and GBP135m
respectively, which equates to growth of approximately 10% compared
to prior year(1) . Net debt is anticipated to be broadly in line
with last year and the Board's expectations.
The Group will release its Preliminary results for the 52 weeks
ended 1 April 2023 on 18 May 2023.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014.
Ends
Note to Editors:
1. Trading profit and Adjusted profit before tax for FY21/22 of
GBP141.2m and GBP121.4m are stated after software amortisation
As one of the UK's largest food businesses, we're passionate
about food and believe each and every day we have the opportunity
to enrich life for everyone. Premier Foods employs over 4,000
people operating from 15 sites across the country, supplying a
range of retail, wholesale, foodservice and other customers with
our iconic brands which feature in millions of homes every day.
Through some of the nation's best-loved brands, including
Ambrosia, Batchelors, Bisto , Loyd Grossman, Mr. Kipling, Oxo and
Sharwood's, we're creating great tasting products that contribute
to healthy and balanced diets, while committing to nurturing our
people and our local communities, and going further in the pursuit
of a healthier planet , in line with our Purpose of 'Enriching Life
Through Food'.
Contacts:
Institutional investors and analysts:
Duncan Leggett, Chief Financial Officer
Richard Godden, Director of Investor Relations
Investor.relations@premier foods.co.uk
Media enquiries:
Lisa Kavanagh, Director of Communications
Headland
Ed Young +44 (0) 7884 666830
Jack Gault +44 (0) 7799 089357
- Ends -
This announcement may contain "forward-looking statements" that
are based on estimates and assumptions and are subject to risks and
uncertainties. Forward-looking statements are all statements other
than statements of historical fact or statements in the present
tense, and can be identified by words such as "targets", "aims",
"aspires", "assumes", "believes", "estimates", "anticipates",
"expects", "intends", "hopes", "may", "would", "should", "could",
"will", "plans", "predicts" and "potential", as well as the
negatives of these terms and other words of similar meaning. Any
forward-looking statements in this announcement are made based upon
Premier Foods' estimates, expectations and beliefs concerning
future events affecting the Group and subject to a number of known
and unknown risks and uncertainties. Such forward-looking
statements are based on numerous assumptions regarding the Premier
Foods Group's present and future business strategies and the
environment in which it will operate, which may prove not to be
accurate. Premier Foods cautions that these forward-looking
statements are not guarantees and that actual results could differ
materially from those expressed or implied in these forward-looking
statements. Undue reliance should, therefore, not be placed on such
forward-looking statements. Any forward-looking statements
contained in this announcement apply only as at the date of this
announcement and are not intended to give any assurance as to
future results. Premier Foods will update this announcement as
required by applicable law, including the Prospectus Rules, the
Listing Rules, the Disclosure and Transparency Rules, London Stock
Exchange and any other applicable law or regulations, but otherwise
expressly disclaims any obligation or undertaking to update or
revise any forward-looking statement, whether as a result of new
information, future developments or otherwise.
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END
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