Premier Foods PLC, the owner of Oxo and Bisto, backed its full-year expectations as it reported a rise in first-half profit and revenue despite a challenging backdrop.
In the 26 weeks to 1 October 2022, adjusted pre-tax profit advanced 11.9% to £47mln on revenue of £418.6mln, up 6.2% on the same period a year earlier.
Branded revenue was ahead 3.9% during the half, while non-branded revenue rose 22.8%.
International revenue growth of 11% was broad based with growth in target markets.
The company, which also owns Mr Kipling, Homepride and Paxo, amongst others, said growth was consistently strong across the period, with first and second-quarter growth of 6.0% and 6.4% respectively.
Gross margins were in line with last year as input cost inflation was offset by cost savings and increased pricing.
The group said it benefited as people ate out less due to the cost-of-living crisis.
“In this environment, our portfolio of brands continues to display strong momentum and are well placed to deliver further growth” it said.
Chief executive Alex Whitehouse said: "We continue to see further input cost inflation, which we expect to recover through a combination of cost savings and our annual price increase in quarter four this year. Following a strong first half and with good momentum as we enter the second half, we are on track to deliver on expectations for full year 2022/23."