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Premier Foods Q3 Sales Decline From Last Year; Raises FY22 Guidance

Premier Foods Plc (PFD.L), British food manufacturer, in a trading update on Thursday, reported a decline in its sales for the third quarter. However, it posted a rise in revenue for the same three-month period when compared with the pre-pandemic period.

In addition, owing to a rise in sales when compared with the two-year ago period, the UK-based company has raised its earnings projection for the current fiscal.

For the third quarter ended on January 1, Premier reported its total sales at 280.6 million pounds, compared with 285.8 million pounds reported a year ago period, and 262.2 million pounds, registered for the third quarter of FY19-20.

Sales of the branded products of the company recorded at 229.8 million pounds for the quarter, compared with 231.5 million pounds, reported for the same period last year, and 206.4 million pounds, posted for the two year ago quarter.

Sales of the non-branded products of the company recorded at 50.8 million pounds for the quarter, compared with 54.3 million pounds, reported for the same period last year, and 55.8 million pounds, reported for the two year ago quarter.

Following positive market sentiments, the company said it is raising guidance for the current fiscal. Trading profit for the current fiscal is now expected to be at least 145 million pounds, and adjusted profit before tax at least 125 million pounds.

Alex Whitehouse, Chief Executive Officer, commented: "The strong momentum from the first half of the year continued into the key Q3 trading period, with our brands growing by 11.3% compared to two years ago. This was well ahead of the market across all our categories and resulted in very encouraging share gains."

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