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Premier Foods sees Q3 sales surge, market share grows

EditorNatashya Angelica
Published 01/23/2024, 03:24 AM
Updated 01/23/2024, 03:24 AM
© Reuters.

LONDON - Premier Foods, the UK-based food manufacturer, has reported a substantial increase in sales for the third quarter, with a 14.4% rise compared to the same period previous year. The company also witnessed its market share expand by 121 basis points, attributing much of its success to a strong performance during the festive season.

The surge in sales was particularly notable in the Flavourings and Seasonings category, where Bisto Best meat-free gravy stood out as a significant contributor. This product, catering to the growing demand for vegetarian and vegan options, has helped the company tap into new consumer trends.

In addition, the Branded Sweet Treats segment experienced a remarkable growth of 17.1%. This increase was largely driven by the sale of nearly 190 million mince pies. Key products that boosted sales included the newly introduced Mr Kipling 'Best Ever' Signature pies and popular Cadbury cakes, which resonated well with consumers during the holiday season.

The company's international division also reported positive results, with an 11% increase in revenue, signifying a strong global presence and appeal of its product range beyond the UK market.

CEO Alex Whitehouse expressed satisfaction with the company's record-breaking Christmas performance and confirmed that Premier Foods is on track to meet its profit forecasts. He also outlined strategic plans to address pension issues within the next three years, ensuring long-term financial stability and addressing a critical aspect of the company's obligations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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