**Summary of Premier Foods PLC Half-Year Results (13 November 2025)**
**Financial Performance Highlights (H1 FY25/26):**
**Revenue Growth** Headline revenue increased by 0.7% to £502.5 million, with branded revenue up 1.9% to £453.0 million.
**Trading Profit** Rose slightly by 0.4% to £70.5 million, despite a full-year impact of the Extended Producer Responsibility (EPR) packaging levy.
**Adjusted Profit Before Tax** Increased by 2.2% to £62.4 million.
**Net Debt** Reduced by £14.2 million to £207.1 million, with a leverage ratio of 1.0x (Net debt/Adjusted EBITDA).
**Statutory Profit Before Tax** Grew by 18.5% to £63.4 million, driven by higher operating profit and lower finance costs.
**Strategic Progress**
**Branded Revenue Growth** UK branded revenue grew by 2.0% in H1, with a 3.0% increase in Q2, led by strong performance in Sweet Treats (+7.4%) and improved Grocery results.
**Innovation Success** Notable launches like Mr Kipling Breakfast Bakes, Cadbury Caramel Mini Rolls, and Bisto Peri-Peri gravy drove growth.
**New Categories** Revenue increased by 41%, with launches like FUEL10K Yogurt & Granola pots.
**International Expansion** Australia in-market sales grew by 17%, and the USA saw promising responses to new product launches.
**Acquisitions** Acquired Merchant Gourmet, a premium healthy meals brand, for £46.1 million, expected to drive growth through the Branded Growth Model.
**Operational and Financial Updates**
**Capital Investment** £23.3 million invested in H1, with full-year guidance of £55 million to enhance efficiency and support growth.
**Pensions** Surplus in pension schemes decreased to £572.4 million due to remeasurement losses on plan assets.
**Dividends** Paid £24.2 million in dividends, reflecting a progressive dividend policy.
**Outlook**
Expects branded revenue growth to accelerate in H2, supported by new product launches and increased marketing investment.
On track to meet full-year trading profit expectations, with adjusted profit before tax slightly higher due to lower interest costs.
Focus on leveraging the Branded Growth Model, cost efficiency programs, and inorganic opportunities for medium-term growth.
**ESG Initiatives**
10% revenue growth in non-HFSS (high fat, salt, sugar) products.
Completed a solar farm at the Carlton site, providing up to 70% of its power needs.
Implemented a heat recovery system at the Lifton site to recycle waste heat.
**Leadership Comments**
CEO Alex Whitehouse highlighted strong progress across strategic pillars, particularly in innovation and international markets, and emphasized the integration of Merchant Gourmet to drive further growth.
**Conclusion**
Premier Foods demonstrated resilience and strategic momentum in H1 FY25/26, with modest revenue and profit growth, successful innovation, and strategic acquisitions. The company remains confident in its ability to deliver full-year targets and sustain long-term growth through its five-pillar strategy.