Full-year Results

About this update from Premier Foods Plc

[{"type":"text","content":"\n \n               \n   \n   \n 14 May 2026 \n Premier Foods plc (the \"Group\" or the \"Company\") \n   \n \n \n \n \n Preliminary results for the 52 weeks ended 28 March 2026 \n \n \n \n \n   \n Strong earnings growth, ahead of expectations and further dividend increase \n   \n   \n \n \n \n \n Headline results* (£m) \n \n \n FY25/26 \n \n \n FY24/25 \n \n \n change \n \n \n \n \n Headline revenue 1 \n \n \n 1,175.2 \n \n \n 1,146.8 \n \n \n 2.5% \n \n \n \n \n Headline branded revenue 1 \n \n \n 1,041.7 \n \n \n 1,007.1 \n \n \n 3.4% \n \n \n \n \n Trading profit 2 \n \n \n 200.4 \n \n \n 187.8 \n \n \n 6.7% \n \n \n \n \n Adjusted profit before taxation 5 \n \n \n 183.6 \n \n \n 169.3 \n \n \n 8.5% \n \n \n \n \n Adjusted earnings per share 8 (pence) \n \n \n 15.8 \n \n \n 14.5 \n \n \n 8.7% \n \n \n \n \n Net debt 12 \n \n \n 95.2 \n \n \n 143.6 \n \n \n £48.4m lower \n \n \n \n \n   \n \n \n \n \n Statutory measures (£m) \n \n \n FY25/26 \n \n \n FY24/25 \n \n \n change \n \n \n \n \n Revenue (FY24/25 includes Charnwood prior to site closure) \n \n \n 1,175.5 \n \n \n 1,149.0 \n \n \n 2.3% \n \n \n \n \n Profit before taxation \n \n \n 181.9 \n \n \n 161.3 \n \n \n 12.8% \n \n \n \n \n Profit after taxation \n \n \n 136.6 \n \n \n 124.9 \n \n \n 9.4% \n \n \n \n \n Basic earnings per share (pence) \n \n \n 15.7 \n \n \n 14.3 \n \n \n 9.8% \n \n \n \n \n Dividend per share (pence) \n \n \n 3.36 \n \n \n 2.8 \n \n \n 20.0% \n \n \n \n \n   \n Alternative performance measures above are defined and reconciled to statutory measures throughout. Headline revenue is stated at constant currency to the prior year. \n * Headline results presented for FY24/25 exclude Charnwood results prior to site closure; statutory measures include Charnwood results prior to site closure \n   \n \n \n \n \n Strong financial performance \n \n \n \n \n   \n \n \n \n \n ·    \n \n \n Full year headline branded revenue 1 up 3.4%, H2 strengthened to +4.7%; strong product innovation programme \n \n \n \n \n ·    \n \n \n Total Grocery branded revenue 1 up 2.3%, Sweet Treats branded revenue up 7.3% \n \n \n \n \n ·    \n \n \n Further market share 14 gains in both Grocery and Sweet Treats \n \n \n \n \n ·    \n \n \n Trading profit £200.4m, ahead of previously raised expectations, up 6.7% versus prior year \n \n \n \n \n ·    \n \n \n Profit after taxation up 9.4% to £136.6m \n \n \n \n \n ·    \n \n \n Net debt/Adjusted EBITDA now 0.4x \n \n \n \n \n ·    \n \n \n Final dividend increased 20% to 3.36 pence; \n \n \n \n \n ·    \n \n \n Board currently plans to introduce an interim dividend in FY26/27 \n \n \n \n \n   \n   \n \n \n \n \n Good progress on strategic priorities \n \n \n \n \n   \n \n \n \n \n ·    \n \n \n UK branded revenue 1 up 3.7% in full year and H2 up 5.0% \n \n \n \n \n ·    \n \n \n Capital investment increased by 25% to £51.9m \n \n \n \n \n ·    \n \n \n Revenue from newly entered categories up 37% \n \n \n \n \n ·    \n \n \n Continued strategic progress overseas; US revenue +17%, Europe +9%, total revenue 9 (1.8%) lower due to reduced stock levels of cake in Australia \n \n \n \n \n ·    \n \n \n All acquired brands; The Spice Tailor , FUEL10K and Merchant Gourmet had double-digit revenue growth \n \n \n \n \n   \n   \n \n \n \n \n Alex Whitehouse, Chief Executive Officer \n \n \n \n \n   \n \"Our continued focus on delivering profitable branded revenue growth has resulted in another year of strong earnings progression with full year Trading profit increasing to more than £200m. This profit delivery is ahead of previously raised guidance and reflects further branded revenue growth and market share gains, in addition to efficiency benefits from our capital investment programme.\" \n   \n \"Our innovation programme has been particularly strong this year and has been a key driver of growth in our UK core branded business. New product ranges such as Mr Kipling cake bites tubs, OXO bone broth and Angel Delight bubble jelly have been extremely successful, and yet again demonstrate the strength of our Branded Growth Model. We are particularly pleased with the impact our new ranges have had within our Sweet Treats business, where we have seen branded revenue growth of over 7% this year. Boosted by these innovations, this has been Mr Kipling's biggest ever year.\" \n   \n \" We've also continued to invest in the business; our capital infrastructure investment has increased further this year, as we drive automation, increase efficiencies, and lay the platform for further growth. Revenue from our entries into new categories grew 37% this year; the launch of FUEL10K yogurt & granola being a major highlight, and while our overseas business was impacted by a reduction of retailer stock levels of cake in Australia, we made strong progress in Europe and North America.\" \n   \n \"During the year, we also added the Merchant Gourmet brand to our portfolio, as we continue to deliver on our strategy of acquiring brands with strong future growth potential. All three of our acquired brands grew revenues double-digits this year and we see further opportunities for them, in the UK and overseas. Additionally, and even after the Merchant Gourmet acquisition, our financial leverage reduced to 0.4x Net debt/Adjusted EBITDA.\" \n   \n \"In line with our progressive approach to dividends, we're increasing the final dividend by 20%, which is again well ahead of adjusted earnings growth. Given the continued strong performance of the Group and the cash generating capacity of the business, we also currently plan to introduce an interim dividend in FY26/27. As we look forward to FY26/27, our expectations are unchanged and we expect to make further strong progress across all our strategic pillars.\" \n   \n \n \n \n \n Dividend \n \n \n \n \n   \n Subject to shareholder approval, the directors have proposed a final dividend of 3.36 pence per share in respect of the 52 weeks ended 28 March 2026 (FY24/25: 2.8p), payable on 24 July 2026 to shareholders on the register at the close of business on 26 June 2026. This represents a 20.0% increase in the dividend paid per share compared to FY24/25, and in line with the Group's approach to dividends, is ahead of adjusted earnings per share growth, which was 8.7% in FY25/26. The ex-dividend date is 25 June 2026. \n   \n Additionally, the Board currently plans to introduce the payment of an interim dividend in the financial year ending 3 April 2027. A further update on the quantum of an interim dividend will be provided at the Group's Half year results on 12 November 2026. \n   \n \n \n \n \n Outlook \n \n \n \n \n   \n The Group expects to deliver further profitable branded revenue growth through leveraging the strength of its proven Branded Growth Model, in its UK core business, expanding into new categories, growing overseas, and actively exploring further M&A opportunities. While the Group is mindful of the current macroeconomic and geopolitical environment, Trading profit expectations for FY26/27 remain unchanged and current low leverage levels provide increasing options to deliver on the Group's growth agenda, thereby further enhance shareholder returns. \n   \n \n \n \n \n Strategy overview \n \n \n \n \n   \n The Group's five pillar strategy drives growth and creates value, as outlined below. \n   \n \n \n \n \n Pillar \n \n \n Strategy \n \n \n Overview \n \n \n FY25/26 Delivery/result \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 1. \n \n \n Continue to grow the UK core business \n \n \n Our Branded Growth Model leverages our leading category positions, launching new products to market driven by consumer trends, supporting our brands with sustained levels of marketing investment and fostering strong retailer partnerships. \n \n \n UK branded revenue 1 up 3.7% and up 5.0% in H2 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2. \n \n \n Supply chain investment \n \n \n Investing in operational infrastructure to increase efficiency and productivity providing a virtuous cycle for brand investment. Also includes new equipment to facilitate growth through our innovation strategy and enhance the safety and working conditions of our colleagues. \n \n \n Capital investment of £51.9m, up 25% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 3. \n \n \n Expand UK business into new categories \n \n \n Leverage the strength of our brands, using our proven Branded Growth Model to launch products in adjacent food categories, outside the Group's core. \n \n \n Revenue growth up 37% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 4. \n \n \n Build international businesses with critical mass \n \n \n Building sustainable business units overseas with critical mass, applying brand building capabilities to deliver growth in target markets of Australia & New Zealand, North America and Europe. Our key brands to drive this expansion are Mr Kipling , Sharwood's, The Spice Tailor and now also FUEL10K . \n \n \n Headline revenue 1,9 (1.8%) lower due to Australia cake. Strong strategic progress: Europe revenue +9% and launched FUEL10K , US revenue +17%, increased cake distribution, hit highest market share for Australia cake \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 5. \n \n \n Inorganic opportunities \n \n \n To acquire brands with significant future growth potential and add value to them through leveraging the Branded Growth Model, while applying strict financial discipline. \n \n \n Acquired Merchant Gourmet in FY25/26. All acquired brands grew revenue in double-digit % terms. \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Enhanced capital allocation opportunities \n \n \n \n \n   \n The Group is highly cash generative and benefits from strong EBITDA margins in line with the global branded food sector. With low levels of leverage and Net debt/Adjusted EBITDA at 0.4x, the Group has enhanced options to deliver on its growth ambitions and generate value for shareholders. Over the medium-term, the Group expects leverage to be in the 1.0 - 2.0x range. The Group's priorities for capital allocation are summarised as follows: \n   \n \n \n \n \n 1.        \n \n \n Capital investment: To increase efficiency and automation at our manufacturing sites and facilitate innovation driven growth through new manufacturing line investment. \n \n \n \n \n 2.        \n \n \n M&A: Continue to pursue branded assets which the Group considers to be 'future focused' and have growth potential which would benefit from the application of the Group's Branded Growth Model. The Group will maintain its financial discipline on M&A, applying a similar approach to the completed acquisitions of The Spice Tailor, FUEL10K and Merchant Gourmet, with a focus on Return on Invested Capital. \n \n \n \n \n 3.        \n \n \n Dividends: The Group expects to pay a progressive dividend, which will grow ahead of adjusted earnings, and currently plans to introduce an interim dividend from FY26/27. \n \n \n \n \n   \n   \n \n \n \n \n Pensions update \n \n \n \n \n   \n The Group and the Pension Trustee have made significant progress in recent years to improve the funding position of the pension scheme (\"Scheme\"). This has resulted in the following: \n \n \n \n \n 1.        \n \n \n The Group no longer pays deficit contribution payments to the Scheme \n \n \n \n \n 2.        \n \n \n The dividend match in favour of the Scheme, has been removed \n \n \n \n \n 3.        \n \n \n Administrative fees will be funded by the Scheme, with effect from April 2026, saving the Group c.£5m p.a. \n \n \n \n \n 4.        \n \n \n No further cash contributions are expected to be made to the Scheme. \n \n \n \n \n 5.        \n \n \n The Triennial valuation has completed and the Scheme is now in a surplus on a buy-in valuation basis \n \n \n \n \n 6.        \n \n \n Given the size of the Scheme, and the de-risking strategy being employed, there is the prospect of realisation of this surplus in due course, and which would be shared between the Company and the Trustee \n \n \n \n \n   \n   \n \n \n \n \n Further information \n \n \n \n \n   \n A presentation to equity and bond investors and analysts will be webcast today at 9:00am BST. \n To register for the webcast follow the link: www.premierfoods.co.uk/investors/ \n A recording of the webcast will be available on the Company's website later in the day. \n   \n A factsheet providing an overview of the Preliminary results is available at: \n www.premierfoods.co.uk/results-centre \n   \n A Premier Foods image gallery is available using the following link: \n www.premierfoods.co.uk/media/ \n   \n As one of Britain's largest food producers,  we're passionate about food and believe each and every day we have the opportunity to enrich life for everyone. Premier Foods employs over 4,000 people operating from 13 locations across the country, supplying a range of retail, wholesale, foodservice and other customers with our iconic brands which feature in millions of homes every day.   \n We are home to some of the nation's best-loved brands, including Ambrosia, Batchelors, Bisto , Loyd Grossman, Mr Kipling, Ox o and Sharwood's . More recently, we have expanded our portfolio of leading brands through acquisition to include The Spice Tailor , FUEL10K and Merchant Gourmet .  In line with our purpose of 'Enriching Life Through Food', we create great tasting products that contribute to healthy and balanced diets, while committing to nurturing our people and our local communities, and going further in the pursuit of a healthier planet . \n   \n Contacts: \n   \n Institutional investors and analysts: \n Duncan Leggett, Chief Financial Officer \n Richard Godden, Director of Investor Relations \n Investor.relations@premier foods.co.uk \n   \n Media enquiries: \n Lisa Kavanagh, Director of Corporate Affairs \n   \n Headland                                                                                                                            \n Ed Young                                                                                                                            +44 (0) 7884 666830 \n Jack Gault                                                                                                                          +44 (0) 7799 089357 \n [email protected] \n   \n - Ends - \n   \n This announcement may contain \"forward-looking statements\" that are based on estimates and assumptions and are subject to risks and uncertainties. Forward-looking statements are all statements other than statements of historical fact or statements in the present tense, and can be identified by words such as \"targets\", \"aims\", \"aspires\", \"assumes\", \"believes\", \"estimates\", \"anticipates\", \"expects\", \"intends\", \"hopes\", \"may\", \"would\", \"should\", \"could\", \"will\", \"plans\", \"predicts\" and \"potential\", as well as the negatives of these terms and other words of similar meaning. Any forward-looking statements in this announcement are made based upon Premier Foods' estimates, expectations and beliefs concerning future events affecting the Group and subject to a number of known and unknown risks and uncertainties. Such forward-looking statements are based on numerous assumptions regarding the Premier Foods Group's present and future business strategies and the environment in which it will operate, which may prove not to be accurate. Premier Foods cautions that these forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in these forward-looking statements. Undue reliance should, therefore, not be placed on such forward-looking statements. Any forward-looking statements contained in this announcement apply only as at the date of this announcement and are not intended to give any assurance as to future results. Premier Foods will update this announcement as required by applicable law, including the Prospectus Rules, the Listing Rules, the Disclosure and Transparency Rules, London Stock Exchange and any other applicable law or regulations, but otherwise expressly disclaims any obligation or undertaking to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. \n \n \n \n \n \n Financial results \n \n \n \n \n   \n Overview \n   \n \n \n \n \n £m \n \n \n FY25/26 \n \n \n   \n \n \n FY24/25 \n \n \n   \n \n \n % change \n (@ actual rates) \n \n \n   \n \n \n % change \n (@ constant currency) \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Branded revenue 1 \n \n \n 1,041.7 \n \n \n \n \n \n 1,007.1 \n \n \n \n \n \n 3.5% \n \n \n   \n \n \n 3.4% \n \n \n   \n \n \n \n \n Non-branded revenue 1 \n \n \n 133.5 \n \n \n \n \n \n 139.7 \n \n \n \n \n \n (4.4%) \n \n \n   \n \n \n (4.4%) \n \n \n   \n \n \n \n \n Headline revenue 1 \n \n \n 1,175.2 \n \n \n   \n \n \n 1,146.8 \n \n \n   \n \n \n 2.5% \n \n \n   \n \n \n 2.5% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Divisional contribution 3 \n \n \n 279.1 \n \n \n \n \n \n 264.8 \n \n \n \n \n \n 5.4% \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Trading profit 2 \n \n \n 200.4 \n \n \n   \n \n \n 187.8 \n \n \n   \n \n \n 6.7% \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Trading profit margin 2 \n \n \n 17.0% \n \n \n   \n \n \n 16.4% \n \n \n   \n \n \n +0.6ppt \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted EBITDA 4 \n \n \n 226.9 \n \n \n \n \n \n 213.2 \n \n \n \n \n \n 6.4% \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted profit before taxation 5 \n \n \n 183.6 \n \n \n \n \n \n 169.3 \n \n \n \n \n \n 8.5% \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Adjusted earnings per share 8 (pence) \n \n \n 15.8 \n \n \n \n \n \n 14.5 \n \n \n \n \n \n 8.7% \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Basic earnings per share (pence) \n \n \n 15.7 \n \n \n \n \n \n 14.3 \n \n \n \n \n \n 9.8% \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Headline revenue 1 for FY25/26 increased by 2.5% to £1,175.2m in FY25/26, driven by Branded revenue 1 which grew by 3.4%. Divisional contribution 3 increased by 5.4% to £279.1m and Trading profit 2 advanced by 6.7% to £200.4m in FY25/26. Group and corporate costs were £78.7m in the year (FY24/25: £77.0m). \n   \n Adjusted profit before taxation 5 increased by £14.3m, up 8.5% to £183.6m and adjusted earnings per share 8 grew by 8.7% to 15.8 pence. Basic earnings per share was 15.7p, up 9.8% on the prior year. \n   \n Statutory overview \n   \n \n \n \n \n £m \n \n \n FY25/26 \n \n \n   \n \n \n FY24/25 \n \n \n   \n \n \n % change \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Grocery \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Branded revenue \n \n \n 791.3 \n \n \n \n \n \n 773.3 \n \n \n \n \n \n 2.3% \n \n \n   \n \n \n \n \n Non-branded revenue \n \n \n 69.1 \n \n \n \n \n \n 76.9 \n \n \n \n \n \n (10.1%) \n \n \n   \n \n \n \n \n Total revenue \n \n \n 860.4 \n \n \n   \n \n \n 850.2 \n \n \n   \n \n \n 1.2% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Sweet Treats \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Branded revenue \n \n \n 250.7 \n \n \n \n \n \n 233.8 \n \n \n \n \n \n 7.3% \n \n \n   \n \n \n \n \n Non-branded revenue \n \n \n 64.4 \n \n \n \n \n \n 65.0 \n \n \n \n \n \n (1.0%) \n \n \n   \n \n \n \n \n Total revenue \n \n \n 315.1 \n \n \n   \n \n \n 298.8 \n \n \n \n \n \n 5.5% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Group \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Branded revenue \n \n \n 1,042.0 \n \n \n \n \n \n 1,007.1 \n \n \n \n \n \n 3.5% \n \n \n   \n \n \n \n \n Non-branded revenue \n \n \n 133.5 \n \n \n \n \n \n 141.9 \n \n \n \n \n \n (5.9%) \n \n \n   \n \n \n \n \n Statutory revenue \n \n \n 1,175.5 \n \n \n   \n \n \n 1,149.0 \n \n \n   \n \n \n 2.3% \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Profit before taxation \n \n \n 181.9 \n \n \n \n \n \n 161.3 \n \n \n \n \n \n 12.8% \n \n \n   \n \n \n \n \n Basic earnings per share (pence) \n \n \n 15.7 \n \n \n \n \n \n 14.3 \n \n \n \n \n \n 9.8% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n The table above is presented including revenue from Charnwood in FY24/25. \n   \n Group revenue on a statutory basis was £1,175.5m, up 2.3% on FY24/25, as Branded revenue growth of 3.5% was partly offset by lower non-branded revenue, due to contract exits including the closure of Charnwood in the prior year and other Grocery contract exits. Grocery revenue was £860.4m, up 1.2% and Sweet Treats revenue was £315.1m, up 5.5% compared to the prior year; more detailed commentary is provided in the Trading performance section below. Branded revenue as a percentage of total revenue increased by 100 basis points to 88.6% of Total revenue in the year. \n   \n \n Trading performance \n   \n Grocery \n   \n \n \n \n \n £m \n \n \n FY25/26 \n \n \n   \n \n \n FY24/25 \n \n \n   \n \n \n % change \n (@ actual rates) \n \n \n \n \n \n % change \n (@ constant currency) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Branded revenue 1 \n \n \n 791.0 \n \n \n \n \n \n 773.3 \n \n \n \n \n \n 2.3% \n \n \n \n \n \n 2.3% \n \n \n \n \n \n \n \n Non-branded revenue 1 \n \n \n 69.1 \n \n \n \n \n \n 74.7 \n \n \n \n \n \n (7.3%) \n \n \n \n \n \n (7.3%) \n \n \n \n \n \n \n \n Total headline revenue 1 \n \n \n 860.1 \n \n \n   \n \n \n 848.0 \n \n \n   \n \n \n 1.5% \n \n \n \n \n \n 1.4% \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Divisional contribution 3 \n \n \n 237.3 \n \n \n \n \n \n 229.4 \n \n \n \n \n \n 3.4% \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Divisional contribution margin 3 \n \n \n 27.6% \n \n \n   \n \n \n 27.1% \n \n \n   \n \n \n +0.5ppt \n \n \n \n \n \n - \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n FY25/26 stated on a constant currency basis; please see table in the appendices for reconciliation. \n   \n On a headline basis, Grocery branded revenue 1 increased by 2.3% in the year to £791.0m. Total headline revenue 1   increased by 1.4% to £860.1m, partially offset by lower non-branded revenue. Total UK branded revenue increased by 3.7% in FY25/26, and by 5.0% in the second half of the year, reflecting continued benefits of the Group's Branded Growth Model. The Grocery business also gained market share. Non-branded revenue declined as a result of contract exits in Stuffing and Custard. Divisional contribution increased by 3.4% to £237.3m in the year and margins advanced by 50 basis points due to a combination of ongoing efficiency programmes and positive mix benefits from the branded revenue performance. \n   \n The Group's well-established model of generating value is through leveraging the strength of its market leading brands, launching insightful new products, investing in its brands using a variety of different marketing techniques and building strategic retail partnerships with customers. This year has been no exception. \n   \n Marketing support for the Group's category leading brands is a vital element of the Branded Growth Model, to ensure effective communication to a wide range of consumer groups. The Group considers the return on investment of this strategy is high, and channels utilised to communicate the Group's brands include: TV and radio advertising, out of home media and digital and social media, the latter to drive greater connection with younger demographic audiences. \n   \n In FY25/26, the Grocery business continued to launch new products aligned to the consumer trends of health & nutrition; premium and indulgence; convenience and on-the-go; and packaging sustainability. Ranges added to the Grocery portfolio this year included Batchelors microwaveable Pasta 'n' Sauce, Loyd Grossman premium cooking sauces, OXO bone broth and OXO ready to use stock and Angel Delight bubble jelly. Additionally, Nissin noodles sales increased, and further consolidated their position as leader in the authentic noodles category, supported by launches of Nissin Demae Ramen chicken noodles multipacks and Soba Protein noodles pots. \n   \n Distribution points 14 , a measure of shelf availability in major retailers, increased by 3.5% in the Grocery business due to increased distribution of Batchelors , especially from the new microwaveable Pasta 'n' Sauce range. \n   \n New categories revenue increased by 37% this year, with all initiatives growing strongly year on year. Ambrosia Porridge pots grew revenue again in the year, reflecting expansion of its major multiple retailer distribution in the year. Cape Herb & Spice enjoyed another very strong year, with its wide distribution across major retailers and breadth of range which present consumers with plenty of options to liven up a range of meal occasions. FUEL10K yogurt & granola pots were launched in the chilled category and was the Group's latest extension in new categories. Initially listed in two major retailers, and across three product variants, they have delivered strong early results. \n   \n The Group acquired Merchant Gourmet, the premium, healthy, convenient meals brand in the year for a consideration of £46.1m, net of cash acquired. In the first seven months of ownership, the brand has performed ahead of expectations, delivering pro forma annual revenue of c.£30m in FY25/26. The brand has a strong pipeline of new product development planned for FY26/27, and for example, launched a range of gourmet baked beans in the fourth quarter. \n   \n The other relatively recently acquired brands, The Spice Tailor and FUEL10K , also delivered double-digit percentage revenue growth in the year, as they continued to reap the benefits of the Group's Branded Growth Model. FUEL10K in particular enjoyed a very strong year as consumers increasingly seek out protein-enriched products; it launched new products such as protein bowls and yogurt & granola pots. \n   \n In the fourth quarter, Grocery headline revenue 1 increased by 2.2%, with branded revenue growth of 2.9%, partially offset by 3.7% lower non-branded revenue. \n   \n Sweet Treats \n   \n \n \n \n \n £m \n \n \n FY25/26 \n \n \n   \n \n \n FY24/25 \n \n \n   \n \n \n % change \n (@ actual rates) \n \n \n \n \n \n % change \n (@ constant currency) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Branded revenue \n \n \n 250.7 \n \n \n \n \n \n 233.8 \n \n \n \n \n \n 7.3% \n \n \n \n \n \n 7.3% \n \n \n \n \n \n \n \n Non-branded revenue \n \n \n 64.4 \n \n \n \n \n \n 65.0 \n \n \n \n \n \n (1.0%) \n \n \n \n \n \n (1.0%) \n \n \n \n \n \n \n \n Total headline revenue 1 \n \n \n 315.1 \n \n \n   \n \n \n 298.8 \n \n \n   \n \n \n 5.5% \n \n \n \n \n \n 5.5% \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Divisional contribution 3 \n \n \n 41.8 \n \n \n \n \n \n 35.4 \n \n \n \n \n \n 18.1% \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Divisional contribution margin 3 \n \n \n 13.3% \n \n \n   \n \n \n 11.9% \n \n \n   \n \n \n 1.4ppts \n \n \n \n \n \n - \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n Sweet Treats branded headline revenue increased by 7.3% in FY25/26, while non-branded revenue was slightly lower at £64.4m, the result being total headline revenue grew 5.5% to £315.1m. Divisional contribution increased by £6.4m to £41.8m and margins also increased in the year, to 13.3%. Sweet Treats again delivered further market share 14 gains, as the Mr Kipling and Cadbury cake brands continue to perform strongly in market. \n   \n The performance of the Sweet Treats branded business was due to consistent strong delivery of the Group's Branded Growth Model. In particular, the strength of the product innovation programme in FY25/26 resulted in volume growth throughout the year and which fed through to operational leverage benefits at a Divisional contribution level. Of the new products launched in the year, Mr Kipling cake bites tubs led the way, providing consumers with bite-sized tasty treats for sharing across a six-variant product line up. This range will be rolled out to more customers, expanding distribution, in FY26/27. Additionally, Breakfast Bakes, also under the Mr Kipling brand were launched to market, expanding the Group's presence in Breakfast, Mr Kipling Birthday cake tarts continued to perform very well and Cadbury cake increased its Mini Rolls range, adding Cadbury Caramel Mini Rolls. Distribution points also increased significantly again this year, up 12.1%, reflecting the strength of the product innovation programme. \n   \n Non-branded revenue was slightly lower in the full year, and in line with the prior year in the fourth quarter. Over the full year, new listings of Jam Tarts were offset by some exits of Whirls and Slices. In the medium-term, the Group expects Non-branded revenue to be broadly flat, albeit some quarters may experience occasional variability. \n   \n Sweet Treats revenue in the fourth quarter grew by 7.3% compared to the prior year, led by brands which increased 8.1%, reflecting the full year trends as described above. This marks the 10 th consecutive quarter of branded revenue growth in the Sweet Treats business, with an arithmetic average of c.8%. \n   \n International \n   \n Revenue generated overseas in the year was £50.4m, 1.8% lower than the prior year on a constant currency basis (FY24/25: £51.3m). In the US, revenue increased by 17% and in Europe, revenue grew by 9%. This was offset by the performance in Australasia where revenue was lower due to reduced buffer stocks held by retailers. However, in Australia, Mr Kipling cake sales at point of consumer purchase increased by 10% compared to the prior year, and cooking sauces also grew in double-digit terms, demonstrating continued strong consumer-end demand. Mr Kipling household penetration levels reached highs of 21.3% 19 , and delivered further market share gains, demonstrating the brand's strong progress and popularity. In the Global cuisines category, The Spice Tailor benefitted from TV advertising, increasing consumer awareness, and which contributed to double-digit sales growth and market share gains. New products launched in the year which performed well included Malaysian Peanut Satay kits. \n   \n The USA revenue performance was strong, with sales of both Mr Kipling and Sharwood's in double-digit percentage growth compared to last year. Mr Kipling Apple Pies were launched into their first major retailer in FY25/26. Additionally, distribution of lemon and chocolate slices was expanded, with packaging now accentuating the Britishness of the brand and product proposition. The Spice Tailor gained additional retailer listings in the year while Sharwood's also continued to gain distribution. In Canada, Mr Kipling slices and apple pies grew strongly year on year, supported by a social media campaign. \n   \n In the fourth quarter, FUEL10K granola and porridge product ranges launched into Europe for the first time, attaining listings in seven countries. The Netherlands is the first market to go live, with the launch being supported by instore promotional activity, sampling and social media. Additionally, Sharwood's achieved increased retailer distribution levels in France and Netherlands. \n \n   \n Operating profit \n   \n Operating profit increased by £19.7m or 10.9% to £200.8m in the year. Trading profit 2 increased by £12.6m to £200.4m, as described above, and amortisation of brand assets £21.0m was £0.5m higher than in the prior year. Net finance income on pensions and administrative expenses was a credit of £28.0m, £8.2m higher than FY24/25, owing to an interest credit on the opening combined surplus of the pension scheme of £36.7m, partly offset by £8.7m of administrative expenses.  The vast majority of these administrative expenses will be funded by the pension scheme from FY26/27 onwards, saving the Group annual costs of c.£5m. Non-trading items 10 of £6.5m were broadly in line with FY24/25 and were principally due to advisory costs associated with the acquisition of Merchant Gourmet and provisions for some organisation restructuring activity, partly offset by profit on sale of the Charnwood site. \n   \n Finance income and costs \n   \n Net finance cost (comprising finance cost less finance income) was £18.9m in FY25/26, £0.9m lower than the prior year. Finance cost was £28.5m, a reduction of £0.4m, while finance income was £0.5m higher at £9.6m. Net regular interest 6 reduced by £1.7m to £16.8m, due to an increase in interest receivable on bank deposits of £1.1m, reflecting higher average levels of cash held on deposit compared to last year and a lower average margin on bank and other interest payable. Interest on the Group's Senior secured notes of £11.6m was, as expected, in line with the prior year. Other finance income of £2.5m (FY24/25: £3.1m) reflected the discount unwind of some of the Group's long-term provisions and remeasurement of contingent consideration associated with acquisitions. \n   \n In May 2025, the Group increased available facilities under the RCF to £282.5m, exercising an accordion option on the facility. In May 2026, the RCF was again amended, increasing it to £367.5m and extending the maturity to 2031, with the option to extend up to a further two years. The RCF currently attracts a margin of 1.5% above SONIA and includes a customary commitment fee on the facility. The Group also entered into a £275m bridge facility which runs to November 2027, and which was undrawn as at 28 March 2026. This is a committed facility which provides the Group an option to repay the current bond as required. Guidance for FY26/27 net regular interest is partly dependent on the terms of a refinancing, although is unlikely to be lower than that reported for FY25/26. \n   \n Taxation \n   \n The taxation charge for the year was £45.3m (FY24/25: £36.4m) which is broadly in line with the UK corporation tax rate of 25% and reflects the Group's significant UK operating presence. The Group is able to offset a proportion of cash tax payable through available brought forward losses. With the Group no longer paying pension deficit contributions which are allowable for tax, cash tax payable is expected to be c.£15m in FY26/27. \n   \n Earnings per share \n   \n \n \n \n \n £m \n \n \n FY25/26 \n \n \n   \n \n \n FY24/25 \n \n \n   \n \n \n % change \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating profit \n \n \n 200.8 \n \n \n \n \n \n 181.1 \n \n \n \n \n \n 10.9% \n \n \n   \n \n \n \n \n Net finance cost \n \n \n (18.9) \n \n \n \n \n \n (19.8) \n \n \n \n \n \n 4.5% \n \n \n   \n \n \n \n \n Profit before taxation \n \n \n 181.9 \n \n \n   \n \n \n 161.3 \n \n \n   \n \n \n 12.8% \n \n \n   \n \n \n \n \n Taxation \n \n \n (45.3) \n \n \n \n \n \n (36.4) \n \n \n \n \n \n (24.4%) \n \n \n   \n \n \n \n \n Profit after taxation \n \n \n 136.6 \n \n \n   \n \n \n 124.9 \n \n \n   \n \n \n 9.4% \n \n \n   \n \n \n \n \n Average shares in issue (million) \n \n \n 872.5 \n \n \n \n \n \n 874.4 \n \n \n \n \n \n (0.2%) \n \n \n   \n \n \n \n \n Basic Earnings per share (pence) \n \n \n 15.7 \n \n \n   \n \n \n 14.3 \n \n \n   \n \n \n 9.8% \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n The Group reported profit before taxation of £181.9m in FY25/26, a 12.8% increase on the prior year. Profit after taxation was £136.6m, up £11.7m and basic earnings per share was 15.7 pence, an increase of 9.8%. \n   \n Cash flow \n   \n Net debt as at 28 March 2026   was £95.2m, a reduction of £48.4m compared to the prior year. Net debt/Adjusted EBITDA reduced to 0.4x, reflecting the strong cash generative attributes of the Group and was also after acquiring the Merchant Gourmet business during the year. \n   \n Trading profit in the year was £200.4m, as described above. Depreciation plus software amortisation was £26.5m, therefore Adjusted EBITDA 4 was £226.9m, 6.4% higher than FY24/25. Working capital 20 and other items was an outflow of £5.8m. Slightly higher stock levels were substantially offset by good control of debtors and creditors while other items included principal element of lease payments and sale of the Charnwood site. Pension payments were £5.2m, in line with expectations, and which relate to costs administering the scheme. From FY26/27, these costs will be funded by the Trustee. Non-trading items were £2.8m in the year and largely refer to advisory costs associated with the Merchant Gourmet acquisition. \n                      \n On a statutory basis, cash generated from operating activities was £186.0m (FY24/25: £158.1m) after deducting finance costs paid of £25.3m (FY24/25: £26.6m) and including finance income received of £7.1m (FY24/25: £6.0m). Taxation paid of £14.4m in the period was an increase of £4.5m compared to the prior year, reflecting growth in Profit before taxation. \n   \n Cash used in investing activities was £96.0m (FY24/25: £41.4m). Capital investment (which represents purchases of property, plant and equipment and intangible assets) increased from £41.4m in the prior year to £51.9m in FY25/26. Additionally, the Group acquired Merchant Gourmet in the year, a premium, healthy, convenient meals brand for £46.1m (net of cash acquired). A s part of the Group's strategy to invest in manufacturing infrastructure to unlock margin to invest in driving branded growth, it has a number of opportunities to invest in the business at attractive returns to both increase efficiency and automation and facilitate growth through product innovation. Investment during the year included a solar farm at its cake factory near Barnsley, South Yorkshire, which will generate up to 70% of the site's power requirements. The Group also completed a major investment at its Ambrosia site in Devon, resulting in increased speed and efficiency of its four pots filling and packing manufacturing line. In FY26/27, the Group expects to increase its capital investment further, to around £55-60m, which will include projects such as expanding cooking sauces capacity at its Worksop site, increasing line and product flexibility at its Mr. Kipling site in Barnsley and investing in IT upgrades. \n   \n Cash used in financing activities was £39.4m in the year (FY24/25: £27.5m), including a £24.2m dividend payment to shareholders (FY24/25: £14.9m) and £12.4m purchase of shares to satisfy share awards (FY24/25: £9.9m). As at 28 March 2026, the Group held cash and cash equivalents of £242.1m and its £282.5m revolving credit facility 18 was undrawn. \n   \n Pensions \n   \n The Pension scheme has continued to make strong progress, benefiting from a successful investment strategy for both the RHM and Premier Foods sections since the segregated merger of the scheme in June 2020. \n   \n Furthermore, the RHM and Premier Foods sections of the pension scheme were legally merged with effect from 29 March 2025 with the scheme investment strategies being managed as one. Additionally, the dividend match mechanism, whereby the pension scheme received a proportion of cash whenever a cash dividend was paid to shareholders, was removed, effective March 2025. The Group has also agreed with the pension Trustee and the Group's lending banks, release of security, therefore increasing corporate flexibility. \n   \n T he triennial valuation of the Scheme, as at 31 March 2025, has now been completed and confirmed a Scheme surplus. Furthermore, the Scheme continues to de-risk and is now in a surplus on a buy-in valuation basis. There is the potential for the generation of a Scheme surplus in due course and in such a scenario, this would be shared between the Company and the Scheme. \n   \n \n \n \n \n Pensions accounting valuation (£m) \n \n \n 28 March 2026 \n \n \n   \n \n \n 29 March 2025 \n \n \n \n \n \n Change \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Fair value of plan assets \n \n \n 3,064.7 \n \n \n \n \n \n 3,212.8 \n \n \n \n \n \n (148.1) \n \n \n \n \n \n \n \n Present value of defined benefit obligation \n \n \n (2,562.9) \n \n \n \n \n \n (2,564.1) \n \n \n \n \n \n 1.2 \n \n \n \n \n \n \n \n Surplus \n \n \n 501.8 \n \n \n   \n \n \n 648.7 \n \n \n   \n \n \n (146.9) \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n The Group's pension scheme was in a surplus of £501.8m as at 28 March 2026, a decrease of £146.9m compared to the prior year. Fair value of plan assets fell by £148.1m or 4.6%, while the value of defined benefit obligation decreased by £1.2m. The reduction in asset values in the year was market driven and the Scheme also exited some private equity assets as it continued to de-risk. The applicable discount rate used to value liabilities was higher at 6.20% (FY24/25: 5.75%) due to moves in corporate bond rates reflecting Geopolitical developments in early 2026. The RPI inflation rate assumption used in valuing liabilities was slightly higher at 3.20% (FY24/25: 3.05%). \n   \n Administration costs associated with running the pension schemes will now be funded by the pension Trustee, saving the Group approximately £5m costs per annum. \n   \n \n \n \n \n Environmental, Social and Governance (ESG) \n \n \n \n \n   \n The Group's 'Enriching Life Plan' 16 , encompasses the three strategic pillars of Product, Planet and People, with good progress reported in FY25/26 against each of these pillars. \n   \n In the Product pillar, revenue from products with a high nutritional standard 17 increased this year by 16%. Additionally, the Group acquired the Merchant Gourmet brand during the year, which supports healthy and sustainable diets and also contributes to improving soil health. The proportion of packaging which is recyclable, reusable or compostable increased to 97% of the Group's portfolio by weight. As already referred to above, new boilers were installed at the Worksop site, improving efficiency and lowering CO 2 emissions while the installation of a solar farm at the Carlton cake site in South Yorkshire, which can provide up to 70% of the location's electricity requirements was completed. Under the People pillar, the Group has again donated over 1 million meals to support food insecurity and has delivered over 750 volunteering days. \n   \n \n   \n \n \n \n \n Principal risks and uncertainties \n \n \n \n \n   \n Strong risk management is key to delivery of the Group's strategic objectives. It has an established risk management process, with the Executive Leadership Team performing a formal robust assessment of the principal risks bi-annually which is reviewed by the Board and Audit Committee. Risks are monitored at a segment and functional level throughout the year considering both internal and external factors.   The Group's principal risks will be disclosed in the annual report and accounts for the financial period ended 28 March 2026. The major strategic and operational risks are summarised under the headings of Climate change, Food safety, Impact of government legislation on our products, Legal compliance, Macroeconomic and geopolitical instability, Market impacts on our business, People, Product portfolio, Supply chain interruption and Technology and cyber.   \n   \n \n   \n Alex Whitehouse                                                                                               Duncan Leggett \n Chief Executive Officer                                                                                     Chief Financial Officer \n \n \n \n \n \n Appendices \n \n \n \n \n The Company's Preliminary results are presented for the 52 weeks ended 28 March 2026 and the comparative period, 52 weeks ended 29 March 2025. All references to the 'year', unless otherwise stated, are for the 52 weeks ended 28 March 2026 and the comparative period, 52 weeks ended 29 March 2025 . \n All references to the 'quarter', unless otherwise stated, are for the 13 weeks ended 28 March 2026 and the comparative period, 13 weeks ended 29 March 2025 . \n   \n \n \n \n \n Full year and Quarter 4 Revenue \n \n \n \n \n   \n \n \n \n \n Full year revenue (£m) \n \n \n FY25/26 \n \n \n \n \n \n \n \n Statutory revenue \n \n \n \n \n \n Headline revenue 1 \n (constant currency) \n \n \n   \n \n \n Headline revenue \n % change at actual rates \n \n \n   \n \n \n Headline revenue \n % change at constant currency \n \n \n   \n \n \n \n \n Grocery \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Branded \n \n \n \n \n \n 791.3 \n \n \n \n \n \n 791.0 \n \n \n   \n \n \n 2.3% \n \n \n   \n \n \n 2.3% \n \n \n   \n \n \n \n \n Non-branded \n \n \n \n \n \n 69.1 \n \n \n \n \n \n 69.1 \n \n \n   \n \n \n (7.3%) \n \n \n   \n \n \n (7.3%) \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 860.4 \n \n \n   \n \n \n 860.1 \n \n \n   \n \n \n 1.5% \n \n \n   \n \n \n 1.4% \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Sweet Treats \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Branded \n \n \n \n \n \n 250.7 \n \n \n \n \n \n 250.7 \n \n \n   \n \n \n 7.3% \n \n \n   \n \n \n 7.3% \n \n \n   \n \n \n \n \n Non-branded \n \n \n \n \n \n 64.4 \n \n \n \n \n \n 64.4 \n \n \n   \n \n \n (1.0%) \n \n \n   \n \n \n (1.0%) \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 315.1 \n \n \n   \n \n \n 315.1 \n \n \n   \n \n \n 5.5% \n \n \n   \n \n \n 5.5% \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Group \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Branded \n \n \n \n \n \n 1,042.0 \n \n \n   \n \n \n 1,041.7 \n \n \n   \n \n \n 3.5% \n \n \n   \n \n \n 3.4% \n \n \n   \n \n \n \n \n Non-branded \n \n \n \n \n \n 133.5 \n \n \n   \n \n \n 133.5 \n \n \n   \n \n \n (4.4%) \n \n \n   \n \n \n (4.4%) \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 1,175.5 \n \n \n   \n \n \n 1,175.2 \n \n \n   \n \n \n 2.5% \n \n \n   \n \n \n 2.5% \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n Quarter 4 revenue \n (£m) \n \n \n FY25/26 \n   \n \n \n \n \n \n \n \n Statutory revenue \n \n \n   \n \n \n Headline revenue 1 \n (constant currency) \n \n \n   \n \n \n Headline revenue \n % change at actual rates \n \n \n   \n \n \n Headline revenue \n % change at constant currency \n \n \n   \n \n \n \n \n Grocery \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Branded \n \n \n \n \n \n 207.9 \n \n \n   \n \n \n 207.6 \n \n \n   \n \n \n 3.0% \n \n \n   \n \n \n 2.9% \n \n \n   \n \n \n \n \n Non-branded \n \n \n \n \n \n 16.6 \n \n \n   \n \n \n 16.6 \n \n \n   \n \n \n (3.7%) \n \n \n   \n \n \n (3.7%) \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 224.5 \n \n \n   \n \n \n 224.2 \n \n \n   \n \n \n 2.4% \n \n \n   \n \n \n 2.2% \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Sweet Treats \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Branded \n \n \n \n \n \n 66.6 \n \n \n   \n \n \n 66.6 \n \n \n   \n \n \n 8.1% \n \n \n   \n \n \n 8.1% \n \n \n   \n \n \n \n \n Non-branded \n \n \n \n \n \n 7.2 \n \n \n   \n \n \n 7.2 \n \n \n   \n \n \n 0.2% \n \n \n   \n \n \n 0.2% \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 73.8 \n \n \n   \n \n \n 73.8 \n \n \n   \n \n \n 7.3% \n \n \n   \n \n \n 7.3% \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Group \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Branded \n \n \n \n \n \n 274.5 \n \n \n   \n \n \n 274.2 \n \n \n   \n \n \n 4.2% \n \n \n   \n \n \n 4.1% \n \n \n   \n \n \n \n \n Non-branded \n \n \n \n \n \n 23.8 \n \n \n   \n \n \n 23.8 \n \n \n   \n \n \n (2.5%) \n \n \n   \n \n \n (2.5%) \n \n \n   \n \n \n \n \n Total \n \n \n   \n \n \n 298.3 \n \n \n   \n \n \n 298.0 \n \n \n   \n \n \n 3.6% \n \n \n   \n \n \n 3.6% \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n Adjusted EBITDA to Operating profit reconciliation (£m) \n \n \n FY25/26 \n \n \n   \n \n \n FY24/25 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Adjusted EBITDA 4 \n \n \n 226.9 \n \n \n   \n \n \n 213.2 \n \n \n \n \n \n \n \n Depreciation of property, plant and equipment \n \n \n (20.6) \n \n \n \n \n \n (19.6) \n \n \n \n \n \n \n \n Software amortisation 11 \n \n \n (5.9) \n \n \n \n \n \n (5.8) \n \n \n \n \n \n \n \n Trading profit \n \n \n 200.4 \n \n \n   \n \n \n 187.8 \n \n \n \n \n \n \n \n Amortisation of brand assets \n \n \n (21.0) \n \n \n \n \n \n (20.5) \n \n \n \n \n \n \n \n Fair value movements on foreign exchange & derivative contracts \n \n \n (0.1) \n \n \n \n \n \n 0.3 \n \n \n \n \n \n \n \n Net finance income on pensions and administrative expenses \n \n \n 28.0 \n \n \n \n \n \n 19.8 \n \n \n \n \n \n \n \n Non-trading items: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Restructuring costs \n \n \n (3.4) \n \n \n \n \n \n (1.1) \n \n \n \n \n \n \n \n Other non-trading items \n \n \n (3.1) \n \n \n \n \n \n (5.2) \n \n \n \n \n \n \n \n Operating profit \n \n \n 200.8 \n \n \n   \n \n \n 181.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n   \n \n \n \n \n Finance income and costs (£m) \n \n \n FY25/26 \n \n \n   \n \n \n FY24/25 \n \n \n   \n \n \n Change \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance costs payable on senior secured notes \n \n \n 11.6 \n \n \n \n \n \n 11.6 \n \n \n \n \n \n 0.0 \n \n \n \n \n \n \n \n Bank debt interest - net 21 \n \n \n 3.1 \n \n \n \n \n \n 5.0 \n \n \n \n \n \n 1.9 \n \n \n \n \n \n \n \n \n \n \n 14.7 \n \n \n \n \n \n 16.6 \n \n \n \n \n \n 1.9 \n \n \n \n \n \n \n \n Amortisation of debt issuance costs \n \n \n 2.1 \n \n \n \n \n \n 1.9 \n \n \n \n \n \n (0.2) \n \n \n \n \n \n \n \n Net regular interest 6 \n \n \n 16.8 \n \n \n   \n \n \n 18.5 \n \n \n   \n \n \n 1.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other finance costs payable \n \n \n 3.0 \n \n \n \n \n \n 3.0 \n \n \n \n \n \n 0.0 \n \n \n \n \n \n \n \n Write off of financing costs \n \n \n 1.6 \n \n \n \n \n \n 1.4 \n \n \n \n \n \n (0.2) \n \n \n \n \n \n \n \n Other finance income \n \n \n (2.5) \n \n \n \n \n \n (3.1) \n \n \n \n \n \n (0.6) \n \n \n \n \n \n \n \n Net finance cost \n \n \n 18.9 \n \n \n \n \n \n 19.8 \n \n \n \n \n \n 0.9 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Adjusted earnings per share (£m) \n \n \n FY25/26 \n \n \n   \n \n \n FY24/25 \n \n \n   \n \n \n Change \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trading profit \n \n \n 200.4 \n \n \n \n \n \n 187.8 \n \n \n \n \n \n 6.7% \n \n \n \n \n \n \n \n Less: Net regular interest 6 \n \n \n (16.8) \n \n \n \n \n \n (18.5) \n \n \n \n \n \n 9.1% \n \n \n \n \n \n \n \n Adjusted profit before taxation \n \n \n 183.6 \n \n \n   \n \n \n 169.3 \n \n \n   \n \n \n 8.5% \n \n \n \n \n \n \n \n Less: Notional tax (25%) \n \n \n (45.9) \n \n \n \n \n \n (42.3) \n \n \n \n \n \n 8.5% \n \n \n \n \n \n \n \n Adjusted profit after taxation 7 \n \n \n 137.7 \n \n \n \n \n \n 127.0 \n \n \n \n \n \n 8.5% \n \n \n \n \n \n \n \n Average shares in issue (millions) \n \n \n 872.5 \n \n \n \n \n \n 874.4 \n \n \n \n \n \n (0.2%) \n \n \n \n \n \n \n \n Adjusted earnings per share (pence) 8 \n \n \n 15.8p \n \n \n   \n \n \n 14.5p \n \n \n \n \n \n 8.7% \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Net debt (£m) \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Net debt 12 at 29 March 2025 \n \n \n 143.6 \n \n \n   \n \n \n \n \n Movement in cash \n \n \n (50.6) \n \n \n \n \n \n \n \n Movement in debt issuance costs \n \n \n 1.1 \n \n \n \n \n \n \n \n Movement in lease creditor \n \n \n 1.1 \n \n \n \n \n \n \n \n Net debt at 28 March 2026 \n \n \n 95.2 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n 226.9 \n \n \n \n \n \n \n \n Net debt / Adjusted EBITDA \n \n \n 0.4x \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n Free cash flow (£m) \n \n \n FY25/26 \n \n \n \n \n \n FY24/25 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Trading profit \n \n \n 200.4 \n \n \n \n \n \n 187.8 \n \n \n \n \n \n \n \n Depreciation & software amortisation \n \n \n 26.5 \n \n \n \n \n \n 25.4 \n \n \n \n \n \n \n \n Share based payments \n \n \n 4.7 \n \n \n \n \n \n 4.6 \n \n \n \n \n \n \n \n Capital investment \n \n \n (51.9) \n \n \n \n \n \n (41.4) \n \n \n \n \n \n \n \n Working capital 20 & other \n \n \n (5.8) \n \n \n \n \n \n (10.0) \n \n \n \n \n \n \n \n Operating cash flow 15 \n \n \n 173.9 \n \n \n   \n \n \n 166.4 \n \n \n \n \n \n \n \n Interest paid 24 \n \n \n (15.6) \n \n \n \n \n \n (16.8) \n \n \n \n \n \n \n \n Contributions to defined benefit pension schemes \n \n \n (5.2) \n \n \n \n \n \n (9.2) \n \n \n \n \n \n \n \n Free cash flow 13 \n \n \n 153.1 \n \n \n   \n \n \n 140.3 \n \n \n \n \n \n \n \n Non-trading items \n \n \n (2.8) \n \n \n \n \n \n (7.7) \n \n \n \n \n \n \n \n Purchase of shares to satisfy share awards \n \n \n (12.4) \n \n \n \n \n \n (9.9) \n \n \n \n \n \n \n \n Re-financing fees \n \n \n (2.6) \n \n \n \n \n \n (3.8) \n \n \n \n \n \n \n \n Taxation paid \n \n \n (14.4) \n \n \n \n \n \n (9.9) \n \n \n \n \n \n \n \n Dividend paid \n \n \n (24.2) \n \n \n \n \n \n (14.9) \n \n \n \n \n \n \n \n Additional employer contributions (dividend match) \n \n \n - \n \n \n \n \n \n (5.0) \n \n \n \n \n \n \n \n Acquisition of subsidiaries, net of cash acquired \n \n \n (46.1) \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Movement in cash \n \n \n 50.6 \n \n \n   \n \n \n 89.2 \n \n \n \n \n \n \n \n Proceeds from borrowings \n \n \n - \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n 50.6 \n \n \n \n \n \n 89.2 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n \n   \n \n \n \n \n Notes and definitions of alternative performance measures \n \n \n \n \n The Company uses a number of alternative performance measures to measure and assess the financial performance of the business. The directors believe that these alternative performance measures assist in providing additional useful information on the underlying trends, performance and position of the Group. These alternative performance measures are used by the Group for reporting and planning purposes and it considers them to be helpful indicators for investors to assist them in assessing the strategic progress of the Group. \n   \n 1.      Headline revenue, including Grocery, UK or International branded revenue is stated on a constant currency basis to prior year, while the Sweet Treats and non-branded revenue is not impacted by the foreign currency movements. The constant currency calculation is made by adjusting the current year's sales to the same exchange rate as the prior year to give a like for like comparison. Headline revenue and non-branded revenue excludes Charnwood in the prior year. \n 2.      The Group uses Trading profit to review overall Group profitability and is considered by management to be a good measure of underlying profitability. Trading profit is defined as profit/(loss) before taxation, before finance cost and finance income, amortisation of brand assets, non-trading items (see note 10 ) , fair value movements on foreign exchange and other derivative contracts, net finance income on pensions and administration expenses. Trading profit margin is calculated by dividing Trading profit by Headline Revenue at actual rate. \n 3.      Divisional contribution refers to Gross profit less selling, marketing and distribution costs directly attributable to the relevant business segment. Divisional contribution margin is calculated by dividing Divisional contribution by Headline Revenue at actual rate. \n 4.      Adjusted EBITDA is Trading profit as defined in (2) above excluding depreciation and software amortisation. The Group uses Net debt/Adjusted EBITDA to measure its level of financial leverage. \n 5.      Adjusted profit before taxation is Trading profit as defined in (2) above less net regular interest as defined in (6) below. \n 6.      Net regular interest is defined as net finance cost after excluding write-off of financing costs, other finance costs and other finance income. \n 7.      Adjusted profit after taxation is Adjusted profit before taxation as defined in (5) above less a notional tax charge of 25.0% (52 weeks ended 29 March 2025: 25.0%). \n 8.      References to Adjusted earnings per share are on a non-diluted basis and are calculated using Adjusted profit after taxation as defined in (7) above divided by the weighted average of the number of ordinary shares for the 52 weeks ended 28 March 2026: 872.5 million (52 weeks ended 29 March 2025: 874.4 million). \n 9.      International sales remove the impact of foreign currency fluctuations and adjusts prior year sales to ensure comparability in geographic market destinations. The constant currency calculation is made by adjusting the current year's sales to the same exchange rate as the prior year to give a like for like comparison. The constant currency adjustment is calculated by applying a blended rate. International sales exclude sales to Republic of Ireland. \n   \n \n \n \n \n £m \n \n \n Reported \n \n \n Adjustment \n \n \n Constant currency \n \n \n \n \n FY25/26 \n \n \n 49.9 \n \n \n 0.5 \n \n \n 50.4 \n \n \n \n \n FY24/25 \n \n \n 51.3 \n \n \n N/A \n \n \n 51.3 \n \n \n \n \n Growth % \n \n \n (2.7%) \n \n \n N/A \n \n \n (1.8%) \n \n \n \n \n   \n 10.    Non-trading items have been presented separately throughout the financial statements. These are items that management believes require separate disclosure by virtue of their nature in order that the users of the financial statements obtain a clear and consistent view of the Group's underlying trading performance. In identifying non-trading items, management have applied judgement including whether i) the item is related to underlying trading of the Group; and/or ii) how often the item is expected to occur. \n 11.    Software amortisation is the annual charge related to the amortisation of the Group's software assets during the period. \n 12.    Net debt is defined as total borrowings (being current and non-current lease liabilities, short-term and long-term borrowings, net of transaction costs (presented as \"non-current other assets\" in FY25/26), less cash and cash equivalents. \n 13.    Free cash flow is net increase in cash and cash equivalents excluding proceeds from borrowings, less dividend paid, additional employer contributions, re-financing fees, purchase of shares to satisfy share awards, taxation paid, acquisitions of subsidiaries net of cash acquired and non-trading items. \n 14.    Circana, 52 weeks ended 28 March 2026. \n 15.    Operating cash flow is Free cash flow as defined in (13) excluding interest paid and contributions to defined benefit pension schemes. \n 16.    Further details of progress on the Group's Enriching Life Plan will be provided in the forthcoming publication of the 2026 Annual Report. \n 17.    Defined as scoring less than 4 on UK Government's Nutrient Profiling Model \n 18.    The Revolving Credit Facility attracts a margin on a ratchet grid according to latest reported Net debt/EBITDA \n 19.    Circana, 52 weeks ended 22 February 2026 \n 20.    Working capital is the cash movement from the opening to closing balance sheet position for inventory, trade and other receivables, trade and other payables and provisions; it also includes outflows related to the principal element of leases and is adjusted to exclude non-cash movements in non-trading items. \n 21.    Bank debt interest - net represents finance costs payable on bank loans and overdrafts minus finance income receivable on bank deposits. \n 22.    Interest paid is Finance costs paid less Finance Income Received less cash re-financing fees. \n 23.    Throughout this report references to the 'year' refer to the Group's 52 week financial period. \n   \n Additional notes: \n   \n ·       The directors believe that users of the financial statements are most interested in underlying trading performance and cash generation of the Group. As such intangible brand asset amortisation is excluded from Trading profit because it is a non-cash item. \n ·       Group & corporate costs refer to group and corporate expenses which are not directly attributable to a reported segment and are disclosed at total Group level. \n ·       In line with Accounting Principles, the International operating segment, the results of which are aggregated within the Grocery reported segment, are not required to be separately disclosed for reporting purposes. \n   \n   \n   \n \n   \n \n \n \n \n Alternative Performance Measures (APM) Glossary \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n APM \n \n \n Statutory equivalent \n \n \n Definition & purpose \n \n \n \n \n Headline Revenue \n \n \n Revenue \n \n \n Revenue excluding the impact of disposed businesses e.g. Charnwood, which distort year on year comparability \n Presented at constant currency rates \n   \n \n \n \n \n \n \n \n \n \n \n -                                          \n \n \n \n \n Headline Branded Revenue \n \n \n No direct equivalent \n \n \n Revenue excluding products not depicting a brand \n Presented at constant currency rates \n   \n \n \n \n \n \n \n \n \n \n \n -          \n \n \n \n \n Divisional contribution \n \n \n No direct equivalent \n \n \n Gross Profit less selling, distribution and marketing expenses directly attributable to the relevant business segment \n Gives users of the financial statements a consistent view of the underlying trading performance of the business (and segments within) excluding group and corporate costs. \n \n \n \n \n \n \n \n \n \n \n -          \n \n \n \n \n Trading profit \n \n \n Operating profit \n \n \n Key measure of Group profitability \n Trading profit is Profit before taxation presented before adjusting items as defined in the notes and definitions \n Is presented at a Group level \n Is a major KPI for management incentive purposes \n \n \n \n \n \n \n \n \n \n \n -          \n \n \n \n \n Net regular interest \n \n \n Net finance costs \n \n \n Net regular interest is adjusted for one-offs, write-offs and other finance cost or income \n Assists in providing a comparable year on year understanding of interest costs. \n \n \n \n \n \n \n \n \n \n \n -          \n \n \n \n \n Adjusted profit before taxation \n \n \n Profit before taxation \n \n \n A measure which deducts Net regular interest from Trading profit \n   \n \n \n \n \n \n \n \n \n \n \n -          \n \n \n \n \n Adjusted profit after taxation \n \n \n Profit after taxation \n \n \n A measure which deducts a notional rate of taxation from Adjusted profit before taxation \n \n \n \n \n \n \n \n \n \n \n -                                          \n \n \n \n \n Adjusted earnings per share \n \n \n Basic earnings per share \n \n \n A measure which divides Adjusted profit after taxation by the number of weighted average shares in issuance \n \n \n \n \n \n \n \n \n \n \n -          \n \n \n \n \n Adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) \n \n \n Operating profit \n \n \n A profitability measure widely used by investors and analysts and used to compare different companies, often in conjunction with other measures such as Net debt and Enterprise Value. \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n Net debt/Adjusted EBITDA \n \n \n No direct equivalent \n \n \n A measure widely used by investors, analysts and credit ratings agencies to assess ability of a Company to repay indebtedness. Uses 12-month rolling EBITDA \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   \n   \n   \n \n   \n \n \n \n \n Consolidated statement of profit or loss \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended \n \n \n 52 weeks ended \n \n \n   \n \n \n \n \n \n \n \n \n \n \n 28 March 2026 \n \n \n 29 March 2025 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   Note \n \n \n £m \n \n \n £m \n \n \n   \n \n \n \n \n Revenue \n \n \n 3 \n \n \n        1,175.5 \n \n \n                   1,149.0 \n \n \n   \n \n \n \n \n Cost of sales \n \n \n \n \n \n                   (720.6) \n \n \n                    (709.7) \n \n \n   \n \n \n \n \n Gross profit \n \n \n \n \n \n                     454.9 \n \n \n                      439.3 \n \n \n   \n \n \n \n \n Selling, marketing and distribution costs \n \n \n \n \n \n                   (175.8) \n \n \n                    (174.5) \n \n \n   \n \n \n \n \n Administrative costs \n \n \n \n \n \n                     (78.3) \n \n \n                      (83.7) \n \n \n   \n \n \n \n \n Operating profit \n \n \n 3 \n \n \n                     200.8 \n \n \n                      181.1 \n \n \n   \n \n \n \n \n Finance cost \n \n \n 4 \n \n \n                     (28.5) \n \n \n                      (28.9) \n \n \n   \n \n \n \n \n Finance income \n \n \n 4 \n \n \n                         9.6 \n \n \n                          9.1 \n \n \n   \n \n \n \n \n Profit before taxation \n \n \n \n \n \n                     181.9 \n \n \n                      161.3 \n \n \n   \n \n \n \n \n Taxation \n \n \n 5 \n \n \n                     (45.3) \n \n \n                      (36.4) \n \n \n   \n \n \n \n \n Profit for the period attributable to owners of the parent \n \n \n \n \n \n                     136.6 \n \n \n                      124.9 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Earnings per share (pence) \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Basic \n \n \n 6 \n \n \n 15.7 \n \n \n 14.3 \n \n \n   \n \n \n \n \n Diluted \n \n \n 6 \n \n \n 15.5 \n \n \n 14.1 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Consolidated statement of comprehensive income \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended \n \n \n 52 weeks ended \n \n \n \n \n \n \n \n \n \n \n 28 March 2026 \n \n \n 29 March 2025 \n \n \n \n \n \n \n \n Note \n \n \n £m \n \n \n £m \n \n \n \n \n Profit for the period \n \n \n \n \n \n 136.6 \n \n \n 124.9 \n \n \n \n \n Other comprehensive (expense) / income, net of tax \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Items that will never be reclassified to profit or loss \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Remeasurements of defined benefit schemes \n \n \n 7 \n \n \n (180.6) \n \n \n 13.6 \n \n \n \n \n Deferred tax credit / (charge) on pensions movements \n \n \n 5 \n \n \n 45.0 \n \n \n (4.0) \n \n \n \n \n Current tax credit on pension movements \n \n \n 5 \n \n \n                       -   \n \n \n                0.4 \n \n \n \n \n Items that are or may be reclassified subsequently to profit or loss \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Exchange differences on translation \n \n \n \n \n \n 0.6 \n \n \n (0.4) \n \n \n \n \n Other comprehensive (expense) / income, net of tax \n \n \n   \n \n \n    (135.0) \n \n \n 9.6 \n \n \n \n \n Total comprehensive income attributable to owners of the parent \n \n \n   \n \n \n 1.6 \n \n \n 134.5 \n \n \n \n \n   \n   \n   \n \n   \n \n \n \n \n Consolidated balance sheet \n \n \n \n \n \n \n \n \n \n \n As at \n \n \n   \n \n \n As at \n \n \n \n \n \n \n \n \n \n \n 28 March 2026 \n \n \n   \n \n \n 29 March 2025 \n \n \n \n \n \n \n \n Note \n \n \n £m \n \n \n \n \n \n £m \n \n \n \n \n ASSETS: \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n   Non-current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   Property, plant and equipment \n \n \n \n \n \n                    228.4 \n \n \n \n \n \n             204.3 \n \n \n \n \n   Goodwill \n \n \n \n \n \n                    736.3 \n \n \n \n \n \n             702.7 \n \n \n \n \n   Other intangible assets \n \n \n \n \n \n                    270.3 \n \n \n \n \n \n             271.2 \n \n \n \n \n   Deferred tax assets \n \n \n 5 \n \n \n                      11.1 \n \n \n \n \n \n              16.7 \n \n \n \n \n   Net retirement benefit assets \n \n \n 7 \n \n \n                    501.8 \n \n \n \n \n \n             648.7 \n \n \n \n \n   Other assets \n \n \n \n \n \n                        1.9 \n \n \n \n \n \n                  -   \n \n \n \n \n \n \n \n \n \n \n                  1,749.8 \n \n \n   \n \n \n          1,843.6 \n \n \n \n \n   Current assets \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   Inventories \n \n \n \n \n \n                    117.8 \n \n \n \n \n \n             101.5 \n \n \n \n \n   Trade and other receivables \n \n \n \n \n \n                    114.7 \n \n \n \n \n \n             115.0 \n \n \n \n \n   Cash and cash equivalents \n \n \n 8 \n \n \n                    242.1 \n \n \n \n \n \n             191.5 \n \n \n \n \n   Derivative financial instruments \n \n \n \n \n \n                         -   \n \n \n \n \n \n                0.1 \n \n \n \n \n \n \n \n \n \n \n                    474.6 \n \n \n   \n \n \n             408.1 \n \n \n \n \n Total assets \n \n \n \n \n \n                  2,224.4 \n \n \n   \n \n \n          2,251.7 \n \n \n \n \n LIABILITIES: \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   Current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   Trade and other payables \n \n \n \n \n \n                   (273.9) \n \n \n \n \n \n           (260.1) \n \n \n \n \n   Financial liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n      - derivative financial instruments \n \n \n 9 \n \n \n                       (0.6) \n \n \n \n \n \n               (0.6) \n \n \n \n \n   Lease liabilities \n \n \n \n \n \n                       (2.0) \n \n \n \n \n \n               (1.9) \n \n \n \n \n   Provisions for liabilities and charges \n \n \n \n \n \n                       (8.1) \n \n \n \n \n \n               (6.7) \n \n \n \n \n   Short-term borrowings \n \n \n \n \n \n                   (328.2) \n \n \n \n \n \n                  -   \n \n \n \n \n   Other liabilities \n \n \n \n \n \n                     (19.7) \n \n \n \n \n \n               (1.0) \n \n \n \n \n \n \n \n \n \n \n                   (632.5) \n \n \n   \n \n \n           (270.3) \n \n \n \n \n   Non-current liabilities \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n   Long-term borrowings \n \n \n 10 \n \n \n                         -   \n \n \n \n \n \n           (325.2) \n \n \n \n \n   Lease liabilities \n \n \n \n \n \n                       (9.0) \n \n \n \n \n \n               (8.0) \n \n \n \n \n   Provisions for liabilities and charges \n \n \n \n \n \n                       (7.5) \n \n \n \n \n \n               (7.3) \n \n \n \n \n   Deferred tax liabilities \n \n \n 5 \n \n \n                   (164.5) \n \n \n \n \n \n           (178.3) \n \n \n \n \n   Other liabilities \n \n \n \n \n \n                       (0.8) \n \n \n   \n \n \n             (20.6) \n \n \n \n \n \n \n \n \n \n \n                   (181.8) \n \n \n   \n \n \n           (539.4) \n \n \n \n \n Total liabilities \n \n \n \n \n \n                   (814.3) \n \n \n \n \n \n           (809.7) \n \n \n \n \n Net assets \n \n \n \n \n \n                  1,410.1 \n \n \n   \n \n \n          1,442.0 \n \n \n \n \n EQUITY: \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   Capital and reserves \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   Share capital \n \n \n \n \n \n                      86.9 \n \n \n   \n \n \n              86.9 \n \n \n \n \n   Share premium \n \n \n \n \n \n                        2.7 \n \n \n   \n \n \n                2.7 \n \n \n \n \n   Merger reserve \n \n \n \n \n \n                    351.7 \n \n \n   \n \n \n             351.7 \n \n \n \n \n   Other reserves \n \n \n \n \n \n                       (9.3) \n \n \n   \n \n \n               (9.3) \n \n \n \n \n   Retained earnings \n \n \n \n \n \n                    978.1 \n \n \n \n \n \n          1,010.0 \n \n \n \n \n Total equity \n \n \n \n \n \n                  1,410.1 \n \n \n   \n \n \n          1,442.0 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Consolidated statement of cash flows \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n 52 weeks ended \n \n \n   \n \n \n 52 weeks ended \n \n \n \n \n \n \n \n \n \n \n 28 March 2026 \n \n \n   \n \n \n 29 March 2025 \n \n \n \n \n \n \n \n Note \n \n \n £m \n \n \n   \n \n \n £m \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Cash generated from operations \n \n \n 8 \n \n \n                  218.6 \n \n \n \n \n \n                  188.6 \n \n \n \n \n Finance cost paid¹ \n \n \n \n \n \n                  (25.3) \n \n \n \n \n \n                  (26.6)  \n \n \n \n \n Finance income received \n \n \n \n \n \n                     7.1 \n \n \n \n \n \n                    6.0 \n \n \n \n \n Taxation paid \n \n \n \n \n \n                  (14.4) \n \n \n \n \n \n                  (9.9) \n \n \n \n \n Cash generated from operating activities \n \n \n \n \n \n                  186.0 \n \n \n   \n \n \n                  158.1 \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Acquisition of subsidiaries, net of cash acquired \n \n \n \n \n \n                  (46.1) \n \n \n \n \n \n                       -    \n \n \n \n \n Purchases of property, plant and equipment \n \n \n \n \n \n                  (40.6) \n \n \n \n \n \n                  (33.5) \n \n \n \n \n Purchases of intangible assets \n \n \n \n \n \n                  (11.3) \n \n \n \n \n \n                    (7.9) \n \n \n \n \n Sale of property, plant and equipment \n \n \n \n \n \n                     2.0 \n \n \n \n \n \n                        -  \n \n \n \n \n Cash used in investing activities \n \n \n \n \n \n                  (96.0) \n \n \n   \n \n \n                  (41.4) \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Principal element of lease payments \n \n \n \n \n \n                    (2.8) \n \n \n \n \n \n                    (2.7) \n \n \n \n \n Dividends paid \n \n \n 11 \n \n \n                  (24.2) \n \n \n \n \n \n                  (14.9) \n \n \n \n \n Purchase of shares to satisfy share awards \n \n \n \n \n \n                  (12.4) \n \n \n \n \n \n                    (9.9) \n \n \n \n \n Cash used in financing activities \n \n \n \n \n \n                  (39.4) \n \n \n   \n \n \n                  (27.5) \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n Net increase in cash and cash equivalents \n \n \n \n \n \n                    50.6 \n \n \n \n \n \n                   89.2 \n \n \n \n \n Cash and cash equivalents at beginning of period \n \n \n \n \n \n                  191.5 \n \n \n \n \n \n                 102.3 \n \n \n \n \n Cash and cash equivalents at end of period \n \n \n 8 \n \n \n                  242.1 \n \n \n   \n \n \n                 191.5 \n \n \n \n \n ¹ Payments in the current period include £2.6m (2025: £3.8m) of costs related to the refinancing of borrowing facilities. See note 10 for further details. \n \n \n   \n \n \n \n \n   \n   \n   \n \n   \n   \n \n \n \n \n Consolidated statement of changes in equity \n \n \n \n \n \n   \n \n \n \n \n \n   \n \n \n Note \n \n \n Share capital \n \n \n Share premium \n \n \n Merger reserve \n \n \n Other reserves \n \n \n Retained earnings 1 \n \n \n Total equity \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n £m \n \n \n   \n \n \n \n \n \n At 31 March 2024 \n \n \n   \n \n \n 86.9 \n \n \n 2.7 \n \n \n 351.7 \n \n \n (9.3) \n \n \n 894.9 \n \n \n 1,326.9 \n \n \n   \n \n \n \n \n \n Profit for the period \n \n \n   \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 124.9 \n \n \n 124.9 \n \n \n   \n \n \n \n \n \n Remeasurements of defined benefit schemes \n \n \n 7 \n \n \n -  \n \n \n - \n \n \n - \n \n \n -  \n \n \n 13.6 \n \n \n 13.6 \n \n \n   \n \n \n \n \n \n Deferred tax charge \n \n \n 5 \n \n \n -  \n \n \n - \n \n \n - \n \n \n -  \n \n \n (4.0) \n \n \n (4.0) \n \n \n   \n \n \n \n \n \n Current tax credit \n \n \n 5 \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 0.4 \n \n \n 0.4 \n \n \n   \n \n \n \n \n \n Exchange differences on translation \n \n \n \n \n \n - \n \n \n - \n \n \n - \n \n \n -  \n \n \n (0.4) \n \n \n (0.4) \n \n \n   \n \n \n \n \n \n Other comprehensive income \n \n \n   \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 9.6 \n \n \n 9.6 \n \n \n   \n \n \n \n \n \n Total comprehensive income \n \n \n   \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 134.5 \n \n \n 134.5 \n \n \n   \n \n \n \n \n \n Share-based payments \n \n \n \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 4.6 \n \n \n 4.6 \n \n \n   \n \n \n \n \n \n Purchase of shares to satisfy share awards \n \n \n \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (9.9) \n \n \n (9.9) \n \n \n   \n \n \n \n \n \n Deferred tax movements on share-based payments \n \n \n 5 \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 0.8 \n \n \n 0.8 \n \n \n   \n \n \n \n \n \n Dividends \n \n \n 11 \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (14.9) \n \n \n (14.9) \n \n \n   \n \n \n \n \n \n At 29 March 2025 \n \n \n   \n \n \n 86.9 \n \n \n 2.7 \n \n \n 351.7 \n \n \n (9.3) \n \n \n 1,010.0 \n \n \n 1,442.0 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n At 30 March 2025 \n \n \n   \n \n \n 86.9 \n \n \n 2.7 \n \n \n 351.7 \n \n \n (9.3) \n \n \n 1,010.0 \n \n \n 1,442.0 \n \n \n   \n \n \n \n \n \n Profit for the period \n \n \n \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n         136.6 \n \n \n 136.6 \n \n \n   \n \n \n \n \n \n Remeasurements of defined benefit schemes \n \n \n 7 \n \n \n -  \n \n \n - \n \n \n - \n \n \n -  \n \n \n (180.6) \n \n \n (180.6) \n \n \n   \n \n \n \n \n \n Deferred tax credit \n \n \n 5 \n \n \n -  \n \n \n - \n \n \n - \n \n \n -  \n \n \n 45.0 \n \n \n 45.0 \n \n \n   \n \n \n \n \n \n Exchange differences on translation \n \n \n   \n \n \n - \n \n \n - \n \n \n - \n \n \n -  \n \n \n 0.6 \n \n \n 0.6 \n \n \n   \n \n \n \n \n \n Other comprehensive expense \n \n \n   \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (135.0) \n \n \n (135.0) \n \n \n   \n \n \n \n \n \n Total comprehensive income \n \n \n   \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 1.6 \n \n \n 1.6 \n \n \n   \n \n \n \n \n \n Share-based payments \n \n \n \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n             4.7 \n \n \n 4.7 \n \n \n   \n \n \n \n \n \n Purchase of shares to satisfy share awards \n \n \n \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (12.4) \n \n \n (12.4) \n \n \n   \n \n \n \n \n \n Deferred tax movements on share-based payments \n \n \n 5 \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (1.6) \n \n \n (1.6) \n \n \n   \n \n \n \n \n \n Dividends \n \n \n 11 \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (24.2) \n \n \n (24.2) \n \n \n   \n \n \n \n \n \n At 28 March 2026 \n \n \n   \n \n \n 86.9 \n \n \n 2.7 \n \n \n 351.7 \n \n \n (9.3) \n \n \n 978.1 \n \n \n    1,410.1 \n \n \n   \n \n \n \n \n \n ¹Included in Retained earnings at 28 March 2026 is £3.7m in relation to cumulative translation losses (2025: £4.3m loss, 2024: £3.9m loss).  \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n \n \n 1. General Information \n   \n The financial information included in this preliminary announcement does not constitute the Company's statutory accounts for the 52 weeks ended 28 March 2026 and for the 52 weeks ended 29 March 2025 but is derived from those accounts. Statutory accounts for the 52 weeks ended 29 March 2025 have been delivered to the registrar of companies, and those for 52 weeks ended 28 March 2026 will be delivered in due course. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention to by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.   \n   \n The consolidated financial statements of the Company have been prepared in accordance with UK-adopted international accounting standards \n   \n Basis for preparation of financial statements on a going concern basis \n   \n The Group's revolving credit facility includes net debt / EBITDA and EBITDA / interest covenants as detailed in note 10. In the event these covenants are not met then the Group would be in breach of its financing agreement and, as would be the case in any covenant breach, the banking syndicate could withdraw funding to the Group. The Group was compliant with its covenant tests as at 27 September 2025 and 28 March 2026. \n   \n Having undertaken a robust assessment of the Group's forecasts with specific consideration to the trading performance of the Group, cashflows and covenant compliance, the directors have a reasonable expectation that the Group is able to operate within the level of its current facilities, meet the required covenant tests and has adequate resources to continue in operational existence for at least 12 months from the date of approval of these financial statements. Determining the appropriate assessment period is a matter of judgement for the directors and 12 months from the approval of these financial statements is considered appropriate given the fast-moving nature of the business. The Group therefore continues to adopt the going concern basis in preparing its financial information for the reasons set out below. \n   \n At 28 March 2026 the Group had total assets less current liabilities of £1,591.9m (2025: £1,981.4m), net current liabilities of £157.9m (2025: net current assets £137.8m) and net assets of £1,410.1m (2025: £1,442.0m). The movement from net current assets in 2025 to net current liabilities in 2026 reflects the October 2026 £330m bond repayment falling within the current liability period. Liquidity at 28 March 2026 was £536.6m, made up of cash and cash equivalents and overdrafts, and undrawn committed credit facilities of £282.5m expiring in July 2029. The Group has a £275m committed bridge facility that expires November 2027 subject to being drawn by October 2026. In May 2026, t he Group announced it had amended and extended the revolving credit facility (RCF) agreement for a period of five years with the option of extending for up to two additional years. This amended senior unsecured RCF is a committed facility of £367.5m with an interest margin grid broadly in line with the previous RCF, undrawn elements of the RCF will continue to attract interest equivalent to 35% of the applicable margin. \n   \n At the time of the approval of this report, the cash and liquidity position of the group has not changed significantly. Further details of the financing arrangements are included in note 10. \n   \n The directors have rigorously reviewed all key risk assumptions in their Going Concern assessment considering both internal and external factors. Applying judgement, climate change, risk of cyber-attack, the retail market and a total loss at site scenario are the assumptions modelled by the directors in the severe but plausible downside case impacting future financial performance, cash flows and covenant compliance, that cover a period of at least 12 months from the date of approval of the financial statements. \n   \n The downside case is deemed severe but plausible, having an adverse impact on revenue, margin and cash flow. Should circumstances mean there is further downside, whilst not deemed plausible, the directors, in response have identified mitigating actions within their control, that would reduce costs, optimising cashflow and liquidity. Amongst these are the following actions: reducing capital expenditure, reducing marketing spend and delaying or cancelling discretionary spend. The directors have assumed no significant structural changes to the business will be needed in any of the assumptions modelled. None of the assumptions modelled are sufficiently material to prevent the Group from continuing as a going concern. \n   \n The directors, after reviewing financial forecasts and financing arrangements, have a reasonable expectation that the Group has adequate resources to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of this report. Accordingly, the directors are satisfied that it is appropriate to continue to adopt the going concern basis (in accordance with the guidance 'Guidance on the Going Concern Basis of Accounting and Related Reporting' issued by the FRC) in preparing its consolidated financial information. \n   \n Climate change \n   \n The Group has considered the impact of both physical and transitional climate change risks on the financial statements of the Group, the Group does not consider there to be a material impact on the valuation of the Group's assets or liabilities, including useful economic life of property, plant and equipment, or on any material accounting estimates or judgements. The Group will continue to monitor the impact on valuations of assets and liabilities as government policy evolves and our modelling in this area moves forward. \n   \n The impact of climate change has been considered in the projected cash flows used for impairment testing. \n   \n 2. Material estimates and judgements \n   \n The following are areas of particular significance to the Group's financial statements and may include the use of estima...

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