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Mr. Kipling maker Premier Foods upgraded its annual profit outlook following better-than-expected growth in the third quarter of the year.
Trading profit for this financial year was now expected to be at least £145 million and adjusted profit before tax at least £125 million, following the delivery of 'three strong quarters of trading, and taking good momentum into the final quarter,' the company said. The upbeat guidance was supported by stronger sales in Q3, with sales up 11.3% on a two year basis.
The company said it had outperformed in all its categories, 3.5% ahead of the market overall and gaining 90 basis points of value share in the period compared to last year.
On a year to date basis, sales grew by 7.3% and branded sales increased by 11.4% versus FY19/20.
'The strong momentum from the first half of the year continued into the key Q3 trading period, with our brands growing by 11.3% compared to two years ago. This was well ahead of the market across all our categories and resulted in very encouraging share gains,' it added.