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The Markets
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The Markets
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The Markets
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Proactive UK has moved.
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Food & drink

Premier Foods enjoys exceedingly good quarter as mince pie sales rocket

Record sales of mince pies will see Mr Kipling maker Premier foods (LSE:PFD) hit the top end of profits forecasts this year.

Sales grew by 3.1% p over the 13 weeks to 26 December, with branded sales volumes up by 7% and outweighing the impact of easing food price inflation.

Christmas was particularly strong said the food group, with branded sales up by 8.9% for the quarter with a 20% jump in mince pie sales the highlight.

New brands The Spice Tailor and Fuel 10K, also did well, while overseas sales rose 29% over the quarter.

Non-branded own label was the weak spot with sales down 9.3% over the three months.

Alex Whitehouse, chief executive, said: “Earlier this year, we said that consumers are starting to trade up and treat themselves more.

“This has continued over Christmas with our premium ranges such as Ambrosia Deluxe desserts, Bisto Best gravy and Mr Kipling Signature Brownie Bites performing strongly.”

As a result, profits for the full year will be at the top end of £180.1 million and £186.4 million, he added.

Shares rose 5% to 188p.

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