Premier Foods reported its half-year results for the 26 weeks that ended on 1 October on Wednesday.
Shares of Premier Foods increased 0.72% following the announcement.
The food manufacturer posted revenue of £418.6 million, up 6.2% from the prior year. Meanwhile, its pre-tax profit jumped 11.9% to £47 million, compared to £42 million in H1 2021.
Furthermore, the company reported adjusted earnings per share of 4.4p, above its earnings per share of 4p in the same period last year.
Chief Executive Alex Whitehouse said, “We have again made very good financial and strategic progress in the first half of this year, reporting strong Group and branded revenue growth in what continues to be a challenging environment.”
Whitehouse stated that the “current economic climate is undoubtedly challenging for consumers,” but its affordable range of brands has played a key role during difficult periods.
As for the group’s outlook, it remains confident heading into the second half of the year. The group believes it remains well-placed to perform in the current environment and is on track to deliver its full-year forecasts.
However, the UK’s grocery sector has been severely impacted by the cost of living crisis and supply chain issues. Premier foods anticipate further input cost inflation, although expects “to recover through a combination of cost savings and our annual price increase in quarter four this year.”