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Strong Quarter 1, firmly on track to deliver full year expectations
Premier Foods today provides its Quarter 1 trading update for the thirteen weeks ended 2 July 2022
Q1 Group sales up 6.0% versus prior year, Branded sales up 4.2%
Continued market share2,3 gains both instore and online
International sales up 12%4
Firmly on track to deliver FY22/23 expectations.
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 year1. 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.
MrFoolish wrote:Looking at the long term share price for PFD, I see it completely tanked in 2007-2008. DAK how a company in a fairly "dull" sector got into so much trouble? And is this now behind them?
Premier Foods today announces it has acquired FUEL10K, a vibrant Breakfast brand, with a portfolio of granola, oats and drinks products, as the Group significantly expands its presence in the Breakfast meal occasion.
Premier Foods is pleased to announce that it has reached agreement with the RHM Pension Scheme Trustee4 to suspend pension deficit contribution payments from 1 April 20245. This suspension of future contributions is taking place earlier than originally expected, reflecting the strong performance of the pension scheme, following the segregated merger in June 2020.
As a result, the Group will benefit from £33m increased free cash flow for the financial year ending 29 March 2025, and subject to the results of the next triennial valuation, the Group anticipates no further contributions to be payable after this date.2 Administration costs associated with running the pension scheme of c.£5m per annum and the dividend match6 mechanism are currently unchanged.
Premier Foods is pleased to announce that it has reached agreement with the RHM Pension Scheme Trustee4 to suspend pension deficit contribution payments from 1 April 20245. This suspension of future contributions is taking place earlier than originally expected
Thanks Ian! bungeejumper wrote:Premier Foods is pleased to announce that it has reached agreement with the RHM Pension Scheme Trustee4 to suspend pension deficit contribution payments from 1 April 20245. This suspension of future contributions is taking place earlier than originally expected
20245? Blimey, I've been very patient with PFD, but if that's earlier than expected, then I'm in the wrong part of the solar system.
(Explanation: the errant 5 is a footnote number which was originally rendered in a small type font. But the April Fool's Day is genuine all right.)
Great news, though. I hold.
BJ
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