Premier Foods sales rise thanks to Batchelors and Angel Delight

The Premier Foods group produces a wide range of top supermarket brands

Food manufacturer Premier Foodshas narrowed its losses after securing a hefty jump in sales from its global business.

Premier Foods reported that its global revenues have progressed at an annual growth rate of 18% in the last three years.

International revenue at the group behind brands such as Bisto, Batchelors, Loyd Grossman, and Mr Kipling, increased by 23pc year-on-year in the six month period, driven by the group's partnerships with Nissin and Mondelez International.

Overall revenue in the six month period was £353m (€395m), trading profit at the group was £48m - unchanged year-on-year - while the company made an operating profit of £22.5m, an increase of 2.3pc on the same period last year.

Premier Foods has seen its revenue rise by 1.5%, from £348 million to £353 million in its fiscal HY 2017/18 financial results, thanks to the group's strategic partnerships with Nissin and Mondelez International including brands such as Batchelors Super Noodle Pots, Soba Noodles and Cadbury. The company swung to a net profit of GBP300,000 from a net loss of GBP55.6 million a year ago. Premier's second quarter sales were up 6.2% compared with the previous quarter.

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"The cost efficiency programme we launched earlier this year is on track to deliver the expected benefits", said Darby.

Darby added: "Our International business continues to go from strength to strength and saw revenue growth of +23% in the first half of the year".

"We completed the issue of a new £210m high yield bond in June and our Net debt was £21m lower than the same point past year; a little ahead of our plans".

"Our worldwide business continues to go from strength to strength and saw revenue growth of +23 per cent in the first half of the year".

Shares in the firm were up more than 6 per cent in early morning trading on the London Stock Exchange, as investors cheered a brighter performance from the firm.

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