Premier Foods posts higher half-year adjusted profit

Premier Foods has reported a rise in half-yearly adjusted profit on strong demand for its cakes and grocery products, while flagging further price pressures amid surging inflation.

"We continue to see further input cost inflation, which we expect to recover through a combination of cost savings and our annual price increase in the quarter four this year," chief executive Alex Whitehouse said. Britain's grocery sector has come under pressure this year from a deepening costs-of-living crisis and supply disruptions caused by the war in Ukraine.Premier Foods said adjusted profit before tax rose nearly 12% to £47m in the six months ended October 1.

The maker of Mr Kipling cakes and OXO cubes reported a 6.2% rise in half-year revenue and said it was on track to deliver full-year expectations.

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