Premier Foods plc (PFD) has reported half-year results for the 26 weeks ended 26 September 2026, delivering headline branded revenue growth of 3.2% to £467.3m and upgrading its full-year adjusted profit before taxation and earnings per share expectations. The Britain-based food producer, home to brands including Mr Kipling, Bisto, Ambrosia and Sharwood's, is also introducing an interim dividend of 1.12 pence per share — its first interim dividend in 19 years — payable on 18 December 2026 to shareholders on the register as of 20 November 2026. Investors will be watching whether the company can sustain branded momentum through the seasonally important second half.

Key Points

  • Premier Foods plc (PFD), one of Britain's largest food producers operating across 13 UK locations
  • Headline branded revenue rose 3.2% to £467.3m in H1 FY26/27; trading profit increased 2.4% to £72.2m
  • Full-year adjusted PBT and adjusted EPS now expected at the top end of current market expectations; interim dividend of 1.12p per share payable 18 December 2026
  • Investors should watch international revenue progress, Sweet Treats margin recovery, and further M&A activity

Mr Kipling Crosses £200m Revenue Milestone as Sweet Treats Delivers 12 Consecutive Quarters of Branded Growth

Premier Foods' Sweet Treats division was a standout performer, with headline branded revenue rising 6.7% to £123.3m. The Mr Kipling brand grew revenue by 10% and crossed the £200m annual brand threshold for the first time, supported by new product launches including Birthday Cake slices and Custard Cream Whirls. The company stated this marks 12 successive quarters of Sweet Treats branded revenue growth. Divisional contribution margin did narrow to 8.4% from 10.7%, which the company attributed to lower manufacturing efficiencies during hotter weather and additional labour costs from elevated demand on expanded whirls ranges.

Premier Foods Upgrades FY26/27 Guidance After Bond Redemption Reduces Financing Costs

The company has upgraded its full-year adjusted profit before taxation and adjusted earnings per share expectations following the redemption of its fixed-rate bond, which reduced financing costs below previously planned levels. Net regular interest for the full year is now expected to be approximately £18m. Trading profit is projected to grow around 3–5% ahead of FY25/26, with full-year adjusted PBT and adjusted EPS expected to land at the top end of current market expectations. Net debt fell by £75.9m year-on-year to £131.2m, strengthening the group's balance sheet position materially.

International Revenue Up 8% in H1 as FUEL10K Launches in European Markets

Premier Foods' international business posted revenue growth of 8% in the first half of FY26/27, accelerating to 10% growth in the second quarter. All three recently acquired brands — The Spice Tailor, FUEL10K and Merchant Gourmet — delivered double-digit revenue growth. FUEL10K has been introduced into European markets, achieving listings in the Netherlands and Germany for Granola and Porridge pot ranges. In North America, Mr Kipling slices and pies delivered strong growth. The company acknowledged that a prior-year order spike in Australia will affect Q3 comparatives, though it expects order flow volatility to diminish over the medium term.

Capital Investment Up 54% to £35.9m as Premier Foods Pursues Automation and Further Acquisitions

Premier Foods increased capital investment by 54% to £35.9m in H1, directing funds towards manufacturing efficiency, automation, and innovation-driven growth. The company operates a five-pillar branded growth strategy and maintains a medium-term leverage target of 1.0–2.0x. With a strengthened balance sheet, the group stated it has significant capacity to pursue further branded acquisitions consistent with its approach to The Spice Tailor, FUEL10K and Merchant Gourmet. A key company-specific risk remains exposure to weather-related demand variability in core Grocery categories such as gravy, stock and soup, which the company acknowledged dampened Grocery branded revenue growth in H1.