Premier Foods (PFD) investor relations material

Executive summary

• Branded revenue rose 3.2% to £467.3m and trading profit increased 2.4% to £72.2m; adjusted EPS rose 4.0% to 5.6p.

• Growth across Sweet Treats, International and acquired brands, alongside lower financing costs and strong cash generation, supported upgraded FY adjusted PBT and EPS expectations.

• A 1.12p interim dividend was introduced, the first interim payment in 19 years.

Financial highlights

• Headline revenue increased 2.4% to £514.2m at constant currency; statutory revenue rose 2.5% to £514.5m.

• Adjusted PBT increased 3.8% to £64.7m; adjusted EBITDA rose 3.5% to £86.1m and trading profit margin was unchanged at 14.0%.

• Free cash flow was £24.0m, up 43.7% year on year; net debt was £131.2m, £75.9m lower year on year.

• Statutory operating profit fell 13.0% to £63.7m and profit after tax fell 12.4% to £41.0m, reflecting higher restructuring costs and a lower pension credit.

• H1 capital investment increased 54% to £35.9m.

Outlook and guidance

• FY26/27 adjusted PBT and adjusted EPS expectations were upgraded to the top end of market expectations, driven by lower financing costs.

• FY26/27 trading profit is forecast to grow 3–5% ahead of FY25/26; a strong H2 is expected.

• FY26/27 guidance includes ~£60m capital expenditure, ~£18m net regular interest, ~£10m cash tax and ~£15m restructuring cash costs.

• The 53-week year is expected to include a working-capital outflow from additional creditor payments in week 53.

• Plans include UK product launches, international expansion and disciplined, future-focused branded acquisitions.