Mr Kipling cakes maker Premier Foods said today it expected revenue and trading profit to exceed current estimates this year, encouraged by a 20% sales jump in the first-quarter on stockpiling during coronavirus lockdowns.
Premier Foods reported a 6% rise in adjusted pretax profit to £93.3m for the year ended March 28.
But it added that it was unclear as to how consumers' eating habits might change as lockdown measures eased over the coming weeks.
Analysts had expected an adjusted pretax profit of £93m, according to a company compiled consensus.
"One of the most prevalent trends we have seen during the lockdown is that Britain has got cooking again, with particularly high levels of demand for items relating to meal preparation, including cooking sauces, gravy and baking ingredients," its chief executive Alex Whitehouse said.
England's pubs, restaurants and hotels will be allowed to re-open on July 4 in the next stage of easing the country's coronavirus lockdown, Prime Minister Boris Johnson said yesterday.
The maker of Bisto gravy and OXO cubes plans to increase consumer marketing investment and said its cost savings programme is now expected to deliver ahead of its original £5m target over the next two years.
The company cut its net debt by £1.8m to £408.1m and said it expects to reduce it further this year.
The recent spate of positive announcements bode well for Whitehouse, who took the helm last year and has been credited with turning around Premier's UK business.
