Premier Foods PLC has upgraded its full-year profit expectations after a strong finish to 2021 that saw Mr Kipling have its biggest ever Christmas.
The company behind brands such as Homepride, Oxo and Bisto said group sales in the 13 weeks to 1 January 2022 were up 7.% on two years earlier.
Sales in the first nine months of the foods group’s fiscal year were up 7.3% on the same period two years earlier.
The FTSE 250 group said it gained nine-tenths of a percentage point in market share during the quarter.
It now expects trading profit over the full year will be at least £145mln while adjusted profit before tax is tipped to be £125mln or more. Market expectations for the former before today’s trading update were £140.7mln while for the latter they were £119.3mln.
"We're particularly pleased with the performance of our Sweet Treats business. This was Mr Kipling's biggest Christmas ever, as our Sweet Treats brands outperformed the market, growing 6.3% compared to last year and 11.6% versus two years ago, helped by an increased number of family gatherings over the festive period,"said Alex Whitehouse, the chief executive officer of Premier Foods.
"Our overseas businesses performed particularly well with sales up over 30% vs two years ago as we continue to execute our expansion plans. All of our strategic international markets saw growth, with sales of Sharwood's and Mr Kipling both well ahead of the same period two years ago,” he added.
Shares in Premier Foods were up 3.5% at 113.8p in early deals.