Premier Foods, the company behind some of Britain's most popular grocery brands, posted double-digit profits as it recorded its best ever Christmas period.
The maker of Bisto, Angel Delight, Ambrosia Custard and Mr Kipling, among others, improved sales by 14.4% in quarter three for the 13 weeks ending December 30.
Sales from new categories, including Bisto Best meat-free gravy, were up 108% when compared with the year prior, while four million more mince pies were sold in 2023 compared with 2022.
Commenting on the results, CEO Alex Whitehouse said: "We delivered a very strong performance in our important third quarter with double-digit sales growth across the Group, underlined by particularly strong market share gains of over 120 basis points.
"Sales in new categories more than doubled, with Ambrosia Porridge pots and Mr Kipling and Angel Delight Ice-cream both standout performers. Meanwhile, The Spice Tailor continued to grow strongly, achieving distribution gains in target markets, while FUEL10K integration into the Group is progressing in line with plan."
"Festive favourites such as Bisto, Oxo and Paxo contributed to our biggest ever Christmas, as consumers enjoyed not only the core ranges but new products such as Bisto Best meat free gravy and Paxo Chicken and Bacon stuffing. We sold nearly 190 million mince pies, 4 million more than last year, helped by the new Mr Kipling 'Best Ever' Signature mince pies."
"The lower promotional price points we introduced in the third quarter have positively impacted performance while also helping consumer budgets go further. These lower prices will be extended to additional products such as Loyd Grossman cooking sauces and Mr Kipling Bakewell slices in quarter four."
"With another strong period of trading behind us, and great plans for the coming months, we are well on track to deliver on profit expectations for this year."
FTSE 100
The UK's flagship share index, the FTSE 100, was up 23-points at 7,511 shortly after opening this morning.
Brent crude oil futures were up 0.45% today, trading at $80.42 a barrel.
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