Premier Foods plc (PFD) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

So good morning everybody and welcome to Premier Foods half year results for the 26 weeks that ended on the 27th of September this year. I'm joined by our CFO Duncan Leggett and between us we'll take you through what we've been doing in the first half of the year. So I'll give a bit of an overview and Duncan can take us through the numbers and then I'll come back and give you an update on some of the progress we've been making against our five pillar strategy. So to start off then with some headlines. So we're really pleased that actually growth stepped up from our UK brands in the second quarter. So up to 3% then in Q2 and that brought half one to plus 2%. And branded revenue then for the first half of the year, 453 million and up just shy of 2%. Now obviously what's going on there is two interesting things. Some really strong performance from our sweet treat brands. So 9.4% growth in the first half and actually double digit for Mr Kipling which is of course our biggest brand. And then grocery, our grocery portfolio which of course was suppressed somewhat by that long hot summer that we had. What was really good to see is as the weather started to normalise, halfway through quarter two, we can see that that grocery business bounced back quite nicely, which is what's driving part of that 3% growth. So UK market shares, and you'll be aware that we've gained quite significant market share over the last three years or so, so 130 basis points up. And we're really pleased we managed to hold on to all that in the first half of the year, despite that downward pressure on the grocery business caused by the weather. And profit delivery then, trading profit was up 0.4% and adjusted PBT up 2.2%. And that's after taking a full year's cost of the new packaging levy, EPR. Now, obv...