Premier Foods (PFD)

Sector:

Food

Index:

FTSE Small Cap

45.20p
   
  • Change Today:
      0.95p
  • 52 Week High: 46.60
  • 52 Week Low: 18.46
  • Currency: UK Pounds
  • Shares Issued: 848.26m
  • Volume: 991,776
  • Market Cap: £383.41m
  • RiskGrade: 385

Premier Foods third-quarter sales up 4%, strategic partnerships help

By Michele Maatouk

Date: Tuesday 16 Jan 2018

LONDON (ShareCast) - (ShareCast News) - Premier Foods reported a rise in third-quarter sales on Tuesday, although Cadbury cake sales dropped in the UK and sales of Mr Kipling cakes also declined.
Group sales rose 4% in the third quarter and 2.6% in the first three quarters of the year, with branded sales up 0.7% in the quarter and non-branded sales 17% higher, reflecting the robust performance of the UK food market and Premier's strategic partnerships.

Total sales in the grocery business were up 4.8% in the period, with growth in both the branded and non-branded parts of the portfolio. Branded sales were up 3.4% and non-branded sales rose 13.9%, the latter mainly due to continued growth from existing contracts and new business wins, notably in Stuffing.

The Batchelors brand delivered its fourth successive quarter of sales growth thanks to the continued benefits of the strategic partnership with Nissin, while sales and volumes of Bisto and Oxo grew in the quarter.

International sales rose 26% in the quarter, reflecting continued strong progress in Australia, the launch of Mr Kipling and Cadbury cake in New Zealand and a number of new customer listings for Sharwood's in Europe and the USA.

Sales of Cadbury cakes continued to grow strongly in international markets but fell in the UK following short-term capacity constraints and a move to more optimal promotional activity compared to the same period a year ago. Sales of Mr Kipling cakes also fell, again following a move to more optimal promotional activity.

Chief executive Gavin Darby said: "Our International business produced another excellent quarter and our partnerships with Nissin and Mondelez International continue to deliver strong performances, demonstrating their strategic benefits to us. With our leading category positions and commitment to product innovation, our expectations for progress this year remain unchanged."

The group's expectations for progress in FY17/18 remain unchanged. Net debt at the year-end is expected to be lower than the prior year, with the rate of deleveraging on track to accelerate in future years as Premier pursues its target of reducing net debt/EBITDA to below 3.0x.

At 1020 GMT, the shares were up 4.1% to 44.50p.

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

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Premier Foods Market Data

Currency UK Pounds
Share Price 45.20p
Change Today 0.95p
% Change 2.15 %
52 Week High 46.60
52 Week Low 18.46
Volume 991,776
Shares Issued 848.26m
Market Cap £383.41m
RiskGrade 385

Premier Foods Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
75.67% above the market average75.67% above the market average75.67% above the market average75.67% above the market average75.67% above the market average
86.21% above the sector average86.21% above the sector average86.21% above the sector average86.21% above the sector average86.21% above the sector average
Price Trend
82.52% above the market average82.52% above the market average82.52% above the market average82.52% above the market average82.52% above the market average
80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average80.00% above the sector average
Income Not Available
Growth
9.26% below the market average9.26% below the market average9.26% below the market average9.26% below the market average9.26% below the market average
40.00% above the sector average40.00% above the sector average40.00% above the sector average40.00% above the sector average40.00% above the sector average

What The Brokers Say

Strong Buy 4
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 4
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Premier Foods Dividends

No dividends found

Trades for 22-May-2020

Time Volume / Share Price
16:35 113,664 @ 45.20p
16:29 701 @ 44.60p
16:29 1 @ 44.60p
16:29 1,357 @ 44.60p
16:29 18 @ 44.60p

Premier Foods Key Personnel

CEO Alex Whitehouse
CFO Duncan Leggett

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