Premier Foods (PFD) H2 2026 earnings summary

Executive summary

• Delivered strong full-year results for the 52 weeks ending March 28, with robust branded revenue growth, especially in the second half, and outperformance versus upgraded guidance.

• Achieved significant progress against the five-pillar growth strategy, including core UK brand growth, infrastructure investment, category expansion, international development, and M&A.

• Achieved strong financial performance with profits and trading profit ahead of previously raised expectations for the year ended 28 March 2026.

• Branded revenue grew 3.4% year-over-year to £1,042m, with total revenue up 2.5% to £1,175m.

• Free cash flow increased 9.1% to £153m, and net debt reduced by £48m to £95m, resulting in a leverage ratio of 0.4x net debt/EBITDA.

Financial highlights

• Revenue reached £1.175 billion, up 2.5% year-over-year, with branded revenue at £1.042 billion, up 3.4%.

• Trading profit exceeded £200 million, up 6.7% year-over-year and ahead of raised guidance.

• Adjusted EPS rose 8.7% to 15.8p; free cash flow increased 9.1% to £153 million.

• Adjusted PBT up 8.5% to £184 million, driven by lower interest costs.

• Five-year CAGR for branded revenue was 7.7%, trading profit 6.9%, and free cash flow 23.8%.

Outlook and guidance

• Expect continued profitable branded revenue growth, leveraging the branded growth model and a strong pipeline of new products.

• Guidance for the current year remains unchanged, with performance tracking as expected in Q1.

• Ongoing focus on further acquisitions and leveraging benefits from recent M&A.

• Planned capital expenditure of £55–£60 million in FY26/27, with a 53-week financial year.

• Interest guidance pending bond refinancing; cash tax expected to be around £15 million.