London / UK. (pf) British Premier Foods PLC provided its Third Quarter trading update for the 13 weeks ended 31 December 2022. Summary:
Financial headlines
- Q3 Group sales up 12.0 percent versus prior year; Q3 Branded sales up 8.8 percent
- Particularly strong Grocery performance, Q3 sales up 17.4 percent
- Grocery business continues to grow faster than its markets, gaining 66 basis points of value share1
- Sweet Treats Q3 sales down (0.9 percent)
- International sales up 10 percent2 , another quarter of double-digit growth
- Announcing proposed closure of loss-making, predominantly non-branded, Knighton site
- Well on track to deliver on FY-2022/2023 expectations
Chief Executive’s Commentary
Alex Whitehouse, Chief Executive Officer: «We delivered a strong trading performance in our important third quarter, with sales growth of 12 percent compared to the same period last year. These results illustrate the continuing appeal of our portfolio of market-leading brands in such a challenging environment and demonstrate the strength and resilience of our branded growth model. Our major Grocery brands produced a particularly good set of results for us, continuing to grow faster than the market, taking 66 basis points of share1. Across the country, people got cooking again this Christmas, demonstrating that the Best Restaurant in Town really is at home. Many of our leading brands grew strongly, with established seasonal favourites including Ambrosia custard and new launches such as Bisto pigs-in-blankets gravy granules all proving very popular. Mr Kipling had another strong performance, with the introduction of our non-HFSS Deliciously Good Festive Pies helping to grow our Mince Pie market share. Meanwhile, our International business has now reported another quarter of double-digit sales growth, with Sharwood’s growing over 20 percent following major new listings in Canada. Input cost inflation remains at elevated levels, and we continue to take action to offset this inflation through a range of measures. With strong trading momentum as we enter our final quarter of the year, and with more brand investment and new product launches to come, we are on track to deliver on expectations for the full year.»
For additional information please read the company’s PDF file below (254 KB):
20230123-PREMIER-FOODS-Q3-2022.OTHER TOPICS FROM THIS SECTION FOR YOU:
- LG Chem and ADM: Joint Ventures in Illinois are canceled
- Wendy’s: Company plans to expand into Europe
- Delivery Hero: may face significant fine due to antitrust violations
- Emmi Group: intends to acquire Mademoiselle Desserts
- AB Foods: announces strong H1-2024 performance
- DSM-Firmenich: Queen Maxima inaugurates new dual head office
- RBI: Announces Investments to Drive Growth in China
- Europastry S.A.: puts its IPO process on hold
- McCormick: Reports Second Quarter Performance
- Reborn Coffee: Closes Master License Agreement for UAE
- General Mills: Reports Fiscal 2024 Fourth-Quarter Results
- SunOpta expands plant for processing plant-based beverages
- Britannia: Operating profit grew 10 percent in FY-2023
- Tate + Lyle and CP Kelco to merge to leading global player
- Ülker Bisküvi: announces Q1-2024 financial results
- Europastry: intends to go public on the Spanish stock exchange
- Europastry S.A.: publishes 2023 Annual Report
- Swisslog: announces new Americas region headquarters
- Reborn Coffee: Expanding Omni-Channel Strategy
- Mondelez International and Lotus Bakeries Join Forces