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Mr Kipling Maker Expects To Top Annual Estimates

Mr Kipling cakes maker Premier Foods Plc said on Wednesday it expected revenue and trading profit to exceed current estimates this year, encouraged by around 20% sales jump in the first-quarter on stockpiling during coronavirus lockdowns across the UK.

The company reported a 6% rise in adjusted pretax profit to £93.3 million for the year ended 28 March. But it added that it was unclear as to how consumers' eating habits might change as lockdown measures eased over the coming weeks.

Analysts had expected an adjusted pretax profit of £93 million, according to a company compiled consensus.

Shares Rise

Shares in the company were seen rising about 5%, according to premarket indicators.

"One of the most prevalent trends we have seen during the lockdown is that Britain has got cooking again, with particularly high levels of demand for items relating to meal preparation, including cooking sauces, gravy and baking ingredients,"Alex Whitehouse, chief executive officer said.

England's pubs, restaurants and hotels will be allowed to re-open on July 4 in the next stage of easing the country's coronavirus lockdown, Prime Minister Boris Johnson said on Tuesday.

News by Reuters, edited by Donna Ahern, Checkout. Click subscribe to sign up for the Checkout print edition.

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