Premier Foods said that its latest figures has shown a return to revenue growth of 1.5% to £353.3 million in the first half of its financial year.
The British food manufacturer outlined that its operating profit rose 2.3% to £22.5 million.
“We are pleased to report a return to revenue growth of +1.5% in the first half of the year," said Gavin Darby, chief executive officer. “A key highlight was our strong performance in the second quarter, with volume driven revenue up +6.2% after a challenging first quarter.
It said that its International business continues to 'go from strength to strength' and saw revenue growth of +23% in the first half of the year.
Batchelors: Fastest Growing Brand
The group noted that over 40% of the revenue growth in its second quarter was from Nissin and Mondelez International strategic partnership.
"Our Strategic partnerships with Nissin and Mondelez International are working very well, together delivering over 40% of our revenue growth in the second quarter." He said. "We completed the signing of the new Mondelez International Global Strategic Partnership in the first half of the year and through our partnership with Nissin."
Darby said that Batchelors is now the fastest growing major brand in its portfolio, following the launch this year of convenient pot format products such as Super Noodle Pots.
Grocery Business
In the report, the group outlined that its grocery business unit reported half year revenue of £255.0 million, up +1.9% on the same period a year ago, its branded revenues grew by +0.9% to £214.7 million and non branded revenue increased by +7.4% to £40.3 million.
Darby added, "Overall, we continue to expect the business to make progress in the second half of the year and our expectations for the full year remain unchanged.”
© 2017 - Checkout Magazine by Donna Ahern
