Yahoo Finance Premier Foods hails 'best ever' Christmas as 190 million mince pies fly off the the shelves
It was an exceedingly good Christmas at Premier Foods, the company behind the Mr Kipling range of cakes, as well as Ambrosia Custard and Bisto Gravy.
The St Albans based firm revealed today that it sold 190 million mince pies, 4 million more than last year, helped by its “Best Ever” recipe for the staple fireside snack of the festive season. That is enough for every man, woman and child in the UK to have almost three each.
Sales of Premier’s “Branded Sweet Treats” rose almost a fifth, returning to growth “largely due to significantly higher sales of Cadbury cakes” including “mini rolls and cake bars".
Hungry customers also indulged in Ambrosia Porridge pots, and Angel Delight ice cream.
Alex Whitehouse, chief executive of the 50-year old firm, called it “our biggest ever Christmas”, pointing to “festive favourites such as Bisto, Oxo and Paxo.”
He said: “We delivered a very strong performance in our important third quarter with double-digit sales growth across the Group, underlined by particularly strong market share gains.”
Price cuts brought in for the third quarter of its financial yeart helped. Whitehouse added: “These lower prices will be extended to additional products such as Loyd Grossman cooking sauces and Mr Kipling Bakewell slices in quarter four.” Premier stood by its profit guidance, which it lifted in November at its half-year results. It expects annual profit to rise by 10%.
AJ Bell investment director Russ Mould said: "This business has really got its act together of late, sorting out a mess of a balance sheet and maximising the potential of a collection of brands with heritage. Its portfolio of products proving popular with shoppers stocking up for time spent with friends and family."
Premier Foods shares rose 1p to 141p.
