Premier Foods PLC has released its preliminary results for the 52 weeks ended 30 March 2024, showcasing a full year ahead of expectations and a return to volume growth in Q4. The company reported a 15.1% increase in headline revenue, with trading profit up 14.0% versus the prior year. Adjusted profit before tax rose by 15.1% to £157.9m, and adjusted earnings per share increased by 6.4%. The company also saw a reduction in net debt to its lowest ever leverage of 1.2x net debt/EBITDA. Additionally, the company suspended pension deficit contributions from 1 April 2024.
Strategically, Premier Foods PLC experienced a 13.6% increase in UK branded revenue, with increased marketing investment across major brands. The company also saw success in new categories, with revenue growing by over 70%, led by Ambrosia porridge. International sales grew by 12%, and the acquisition of FUEL10K has been fully integrated into the core business, performing well and showing promising future plans.
The company's CEO, Alex Whitehouse, expressed satisfaction with the strong financial performance and strategic progress, stating, "We continue to maintain our strong financial discipline; leverage reduced to 1.2x Net debt/EBITDA this year, our lowest ever level, and we are proposing another 20% increase in the dividend." The directors have proposed a final dividend of 1.728 pence, representing a 20% increase compared to the previous year.
Looking ahead, Premier Foods PLC expects a return to volume-driven revenue growth in the coming year, with further progress expected across all strategic pillars. The company's full-year expectations are on track, and it anticipates delivering on its strategic plans for the year.
In summary, Premier Foods PLC has reported robust financial results, marked by strong revenue growth, strategic investments, and a focus on maintaining financial discipline. The company's performance in FY23/24 demonstrates its ability to drive growth and deliver value to shareholders, with a positive outlook for the coming year.