Premier Foods sweetens its profit guidance as sales beat forecasts

Published: 2022-01-21 01:21:12 ET PFD.L

MR KIPLING owner Premier Foods lifted its profit guidance for the full year to £125m after quarterly sales beat expectations.

The owner of household brands such as Ambrosia, Angel Delight, Sharwoods and Oxo upped forecasts for trading profit in the current financial year to £145m with adjusted profit before tax expected to hit £125m.

In a trading update yesterday the firm revealed that sales for the third quarter jumped by seven percent, beating forecasts from brokers at Peel Hunt of a year-on-year rise of six per cent.

"The strong momentum from the first half of the year continued into the key third quarter trading period, with our brands growing by 11.3 per cent compared to two years ago," said chief executive Alex Whitehouse.

Share price jumped 7.82 per cent yesterday to close at 118.6p per share.

(c) 2022 City A.M., source Newspaper