Mr Kipling cakes maker Premier Foods PLC (LON:PFD) sold a record 220mln mince pies in 2017.
In a trading statement covering the final 13 weeks of the year – the third quarter of the group’s financial year – Premier revealed that sales were up 4.0% year-on-year, which represented acceleration; year-to-date sales were up 2.6% on the year before.
The group’s growth came predominantly from its unbranded business. The Grocery division saw branded sales rise 3.4% in the third quarter, while unbranded sales were up 13.9%; the Sweet Treats unit’s branded sales fell 7.3% from the year before but this was more than offset by a 19.6% increase in unbranded sales – including those mince pies mentioned earlier on.
Six of its eight major brands gained market share while chief executive officer Gavin Darby highlighted progress in the international business, which saw a 26% increase in sales.
The group's expectations for progress in the current financial year remain unchanged.
Net debt at the year-end is expected to be lower than the prior year. The rate of deleveraging is on track to accelerate in future years as the company pursues its target of reducing net debt to less than three times annual underlying earnings.
Shares in the Batchelor’s soup and Ambrosia cream maker were up 1.5% at 5,672p.