Mr Kipling boosts sales at Premier Foods
By Michele Maatouk
Date: Friday 17 Jan 2020
(Sharecast News) - A strong performance from the Mr Kipling brand helped to boost sales at Premier Foods over the Christmas period.
The company, which also owns Bisto gravy and Ambrosia custard, said group sales over the 13 weeks to 28 December rose 2.6%, with sales in the third quarter to date up 2.5%. Mr Kipling sales grew 10% in the third quarter.
Premier Foods said it had outperformed the market, with share gains in seven out of eight major brands.
Chief executive officer Alex Whitehouse said: "Our UK business has now delivered 10 consecutive quarters of revenue growth and has consistently outperformed the market. Our biggest brand, Mr. Kipling, has again been instrumental to this continuing momentum, with increased sales of 10% supported by TV advertising and new product ranges.
"Our more seasonally focused brands grew by over 5% in the quarter and in 2019 we sold over 200 million mince pies, 7% more than 2018."
The company backed its profit expectations for the full year and said it remains on track to meet its target of 3.0x net debt/EBITDA by March 2020.
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