Premier Foods PLC (LSE:PFD)

Q2 2024 Premier Foods PLC Earnings Call Transcript

Nov 14, 2024 / 09:00 AM GMT

Release Date Price: £1.89 (+0.64%)

Transcript

Key Points

Positve

Premier Foods PLC (PFODF) reported a 4.6% increase in overall revenue, with branded revenue up by 6.8%, driven by strong volume growth in UK brands.
The company achieved a 5.5% increase in trading profit and an 8.9% rise in adjusted profit before tax, aided by lower net interest costs due to reduced net debt.
Significant progress was made in international markets, with a 31% growth in international business, highlighting successful expansion across various geographies.
Premier Foods PLC (PFODF) has made substantial investments in infrastructure, increasing capital expenditure by 63% to improve efficiency and automation.
The company is on track with its ESG commitments, achieving a 17% reduction in scope one emissions and making progress towards its 2030 targets.

Negative

Non-branded revenue declined by 10% to 54 million, as consumers shifted towards branded products and the company exited some non-branded contracts.
Sweet Treats division faced challenges with divisional contribution down by 3% due to volatile cocoa prices, despite strong branded volume growth.
The company anticipates more modest volume growth in the second half as it laps the previous year's promotional pricing adjustments.
There is uncertainty regarding the UK consumer outlook for 2025, with potential impacts from the employer's national insurance increase.
Premier Foods PLC (PFODF) faces challenges in executing larger overseas acquisitions, requiring further development of organizational capabilities.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PFD.L - Premier Foods PLC
Q2 2024 Premier Foods PLC Earnings Call
Nov 14, 2024 / 09:00AM GMT

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Presentation
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Unidentified_1 [1]
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So good morning everyone and welcome to Premier Foods half year results. And that's for the 26 weeks that ended on the 28th of September this year. I'm joined as always by Duncan Leggett, our CFO and with the same format as always, I'll start with some highlights and Duncan will take us through the numbers and I'll come back and talk you through the progress that we're making against our five pillar growth strategy.

So Kinger Goff with the high level numbers then, and I'm really pleased to say we've had another good quarter in quarter two, a very similar shape actually to quarter one and that it was really led by some very strong volume growth from our brands.

So revenue overall, almost 500 million up 4.6% versus a year ago

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