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Premier Foods (PFD)

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Premier Foods sales rise, FY guidance reaffirmed

17 Jul 19

LONDON (ShareCast) - (Sharecast News) - Mr Kipling and Batchelors owner Premier Foods reported a rise in first-quarter sales on Wednesday as it reaped the benefits of an advertising campaign, and backed its full-year guidance.
In the 13 weeks to 29 June, total group sales ticked up 1.1%, with branded sales 2.9% higher. In the UK, total sales rose 2.6%, while branded sales were 4.9% higher. Sales of Mr Kipling - its largest brand - pushed up 10% in the quarter.

Both Grocery and Sweet Treats delivered market share gains during the period, with "notably good" performances from Ambrosia, Sharwood's, Bisto and Cadbury cake.

The company's international business fared less well, as expected, with sales down 18% due to slower sales in Ireland. This was attributed to the unwinding of Brexit-related stock in Irish customers' supply chains. Still, the group said it expects the international business to return to sales growth in subsequent quarters.

Chief executive officer Alastair Murray said: "As we previously noted, we are increasing our consumer marketing investment this year and both Mr Kipling and Batchelors have already benefitted from TV advertising campaigns in the first quarter.

"Many of our largest brands have built on strong category positions and grown market share, and we achieved branded growth in the quarter of nearly 3%. These figures provide evidence that the company's strategy is delivering results. Our expectations for the full year remain unchanged."

At 1300 BST, the shares were up 0.4% at 37.59p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Market Data

Currency UK Pounds
Price 37.20p
Change Today -0.30p
52 Week High 43.00p
52 Week Low 29.80p
Volume 709,477
Shares Issued 846.68m
Market Cap 314.96m


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