Britain's Premier Foods reported a 4.6% rise in half-year revenue on Thursday, driven by continued growth in its grocery business and brands such as Mr Kipling, Nissin, and The Spice Tailor.
Headline branded revenue rose 6.8% in the period, as cooling inflation helped boost consumer spending.
"As inflation has begun to ease and shoppers are starting to feel more confident, we've seen consumers treat themselves more, helping sales of both Mr Kipling Signature Bites and Ambrosia Deluxe more than double in the first half of the year," CEO Alex Whitehouse said in a statement.
Branded Growth Model
Premier, which makes products ranging from plain flour to cooking sauces and quick meals, posted headline revenue of £498.7 million pounds (€599 million) for the 26 weeks ended Sept. 30, up from £476.7 million (€573 million) a year earlier.
The company also said its branded growth model and investment in promotional pricing have delivered a strong branded volume and revenue performance in the first half of the year.
Alex Whitehouse, Chief Executive Officer, said, “We’ve delivered another really strong branded performance in the first half, underpinned by double-digit volume growth.
Own Label Performance
"This demonstrates the success of our proven branded growth model which was also supported by sharper promotional
pricing.
"We gained both volume and value market share, outperforming the market as many consumers switched into our
leading brands from own label.
"Our innovation programme continues apace as we brought many new products to market in the period, including Sharwood’s curry kits, Mr Kipling Loaf cakes and Loyd Grossman Pesto.”
“As inflation has begun to ease and shoppers are starting to feel more confident, we’ve seen consumers treat themselves more, helping sales of both Mr Kipling Signature Bites and Ambrosia Deluxe more than double in the first half of the year.”
Additional Reporting by ESM.
