- July 24, 2021
- Posted by: Stratford Team
- Category: Economy
Premier Foods, the maker of Mr Kipling cakes and Oxo cubes, generated quarterly sales beyond its pre-pandemic levels but fell short of its coronavirus-driven revenue a year ago when its customers were kept at home.
The group now forecasts its adjusted full-year profit before tax will be at the top of its expectations.
Its shares rose nearly 4 per cent in early London trading on Friday, improving its gains in the past 12 months to 28 per cent.
First-quarter group sales rose 6.3 per cent, better than the FTSE 250 group’s 5-6 per cent expected range, when compared with the same period two years ago, Premier Foods said in a trading update on Friday.
Sales at the provider of old-fashioned grocery staples however fell 13.2 per cent in the 13 weeks to July 3 from the same period a year ago, “when UK households consumed the majority of their meals at home”, the update said.
The pandemic has helped Premier turn round its business, which had been battling…