Premier Foods sales rise as easing inflation allows customers a 'treat'

(Sharecast News) - Premier Foods reported higher first-half revenues and profits as easing inflation allowed consumers to "treat themselves more" to its range of products. The Mr Kipling, Bisto and Oxo brand owner posted a 4.6% rise in headline revenue to £498.7m in the 28 weeks to September, driven by a 7% gain in grocery branded sales. Adjusted pre-tax profit increased 8.9% to £61m.

"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," said chief executive Alex Whitehouse.

He added that the company was on track to deliver full-year earnings in line with expectations.

Reporting by Frank Prenesti for Sharecast.com