Premier Foods has seen its revenue rise by 1.5%, from £348 million to £353 million in its fiscal HY 2017/18 financial results, thanks to the group’s strategic partnerships with Nissin and Mondelez International including brands such as Batchelors Super Noodle Pots, Soba Noodles and Cadbury.
The company also saw its operating profit rise 2.3% to £22.5 million, up from £22 million when compared to the equivalent quarter a year ago.
International revenue was also an area which continued to perform strongly, in line with the group’s expectations, as revenues increased by 23%. Premier Foods reported that its International revenues have progressed at an annual growth rate of 18% in the last three years.
Bisto, the group’s second largest brand, performed well, delivering revenue growth, while Angel Delight, one of the group’s smaller brands grew by 30% in the period, benefitting from the launch of convenient ready to eat pots.
“We are pleased to report a return to revenue growth of 1.5% in the first half of the year. A key highlight was our strong performance in the second quarter, with volume driven revenue up 6.2% after a challenging first quarter.
“Our International business continues to go from strength to strength and saw revenue growth of 23% in the first half of the year. Our Strategic partnerships with Nissin and Mondelez International are working very well, together delivering over 40% of our revenue growth in the second quarter.
“We completed the signing of the new Mondelez International Global Strategic Partnership in the first half of the year and through our partnership with Nissin, Batchelors is now the fastest growing major brand in our portfolio following the launch this year of convenient pot format products such as Super Noodle Pots.
“Overall, we continue to expect the business to make progress in the second half of the year and our expectations for the full year remain unchanged.”
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