Premier Foods ups profit outlook and says no more price hikes in 2023

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Mr Kipling cakes firm Premier Foods said it has no plans to hike prices for the rest of 2023 as it upped its earnings outlook and said painful cost inflation was “past its peak”. The company's portfolio continues to demonstrate a high level of relevance to consumers in the current economic climate Premier Foods It revealed that grocery sales surged 26.7% in its first quarter to July 1, helping overall revenues lift 21.1% year-on-year, with sales of its branded products up 17.5%. Alex Whitehouse, Premier Foods chief executive, said: “We believe the recent period of significant input cost inflation is now past its peak and have no further price increases planned for the rest of 2023.” The firm said revenue growth in the grocery arm is set to “moderate in forthcoming quarters, as year-on-year effects of higher prices reduce”. “Following a strong first quarter, and with exciting plans behind the group’s leading brands for the remainder of the year, it now sees trading profit for FY23/24 at the top end of market expectations.”