Premier Foods PLC on Thursday reported higher profit buoyed by putting up prices as it expected further profit growth in the current financial year 2024.

The St Albans, Hertfordshire-based food manufacturer, which creates products for various brands including Ambrosia, Bisto, Mr Kipling and Oxo, said in the six months to September 30, pretax profit jumped 38% to £58.1 million from £42.1 million a year prior.

Trading profit rose 19% to £67.5 million from £56.7 million.

Revenue climbed 18% to £494.1 million from £419.9 million. The company highlighted: ‘Non-branded revenue grew by 35% and was primarily due to pricing benefits in retailer branded product categories compared to the prior period.’

Chief Executive Officer Alex Whitehouse said: ‘We know how challenging the past year has been for many consumers and so it’s good to see the rate of input cost inflation falling. This has now given us the opportunity to lower promotional prices across a number of our major branded products such as Batchelors Super Noodles and Mr Kipling Slices.’

Looking ahead, the company said it made a good start in its third financial quarter, and for financial 2024 ending March 30 expects trading profit to be about 10% higher in financial 2023, when it was £157.5 million, 12% higher than £141.2 million in financial 2022.

Premier Foods shares rose 1.9% to 133.53 pence each on Thursday morning in London.

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