Premier Foods, maker of well-known brands like Branston, Birds and Quorn, today (11 May) reaffirmed its full-year financial guidance, stating that trading has continued in line with expectations.
“Premier Foods is pleased to announce that current trading for the Group has continued in line with our expectations and we remain confident in the outlook for the full year,” David Kappler, Premier chairman, said ahead of the company’s AGM.
Kappler said that Premier had seen positive sales development across its portfolio, highlighting in particular the growth of Quorn and Branston Beans, but warned of a difficult trading environment and escalating costs.
“We continue to see cost pressures across a wide range of input costs as energy-related inflation feeds through the supply chain. We plan to mitigate these cost pressures through our ongoing cost reduction programmes and pricing improvements,” he said.
In March, following a report in the Financial Times, Premier issued a statement that is was interested in acquiring businesses from either United Busciuts or Campbell’s Soup.
UB is th UK’s largest buscuit manufacturer, th privately-owned company produces household names such a Jaffa Cakes and McVities. US food producer Campbell’s Soup had previously said that it was considering the sale of its dry soup and sauces businesses in Ireland and the UK.
“As we stated on 2 May, we continue to regard acquisitions as an important part of our strategy. We remain at a preliminary stage in evaluating a number of opportunities which could meet our acquisition criteria. There can be no assurance that any of these will lead to a transaction,” Kappler said.