REG - Premier Foods plc Premier Foods Fin - Trading Statement

Premier FoodsAnnouncement

07/03/2023 07:00

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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 £155m and £135m 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 £141.2m and
     £121.4m 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 (mailto: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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