Preliminary Results

About this update from Premier Foods Plc

[{"type":"text","content":"\n \n   \n 15 May 2025 \n Premier Foods plc (the \"Group\" or the \"Company\") \n   \n \n \n \n \n Preliminary results for the 52 weeks ended 29 March 2025 \n \n \n \n \n   \n Strong branded volume growth, Trading profit ahead of expectations and step up in dividend \n   \n \n \n \n \n Headline results* (£m) \n \n \n FY24/25 \n \n \n FY23/24 \n \n \n change \n \n \n \n \n Headline Revenue 1 \n \n \n 1,147.8 \n \n \n 1,108.7 \n \n \n 3.5% \n \n \n \n \n Headline branded Revenue 1 \n \n \n 1,008.1 \n \n \n 958.1 \n \n \n 5.2% \n \n \n \n \n Headline Trading profit 2 \n \n \n 187.8 \n \n \n 177.2 \n \n \n 6.0% \n \n \n \n \n Adjusted profit before taxation 5 \n \n \n 169.3 \n \n \n 155.6 \n \n \n 8.8% \n \n \n \n \n Adjusted earnings per share 8 (pence) \n \n \n 14.5 \n \n \n 13.5 \n \n \n 7.3% \n \n \n \n \n Net debt 12 \n \n \n 143.6 \n \n \n 235.6 \n \n \n £92.0m lower \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n Statutory measures (£m) \n \n \n FY24/25 \n \n \n FY23/24 \n \n \n change \n \n \n \n \n Revenue (includes Charnwood & Knighton prior to exits) \n \n \n 1,149.0 \n \n \n 1,137.5 \n \n \n 1.0% \n \n \n \n \n Profit before taxation \n \n \n 161.3 \n \n \n 151.4 \n \n \n 6.5% \n \n \n \n \n Profit after taxation \n \n \n 124.9 \n \n \n 112.5 \n \n \n 11.0% \n \n \n \n \n Basic earnings per share (pence) \n \n \n 14.3 \n \n \n 13.0 \n \n \n 10.0% \n \n \n \n \n Dividend per share (pence) \n \n \n 2.8 \n \n \n 1.728 \n \n \n 62.0% \n \n \n \n \n   \n Alternative performance measures above are defined below and reconciled to statutory measures throughout. \n * Headline results presented for both periods exclude effect of Charnwood & Knighton site closures; Headline revenue is stated at constant currency \n Statutory measures include Charnwood & Knighton results prior to closure \n   \n \n \n \n \n Strong financial performance \n \n \n \n \n   \n \n \n \n \n ·      Branded revenue 1 up 5.2% due to strong branded volume growth; total headline revenue 1 up 3.5% \n \n \n \n \n ·      Total Headline Grocery branded revenue 1 up 4.6%, Sweet Treats branded revenue up 7.3% \n \n \n \n \n ·      Market share 14 gains in both volume, up 80bps and value, up 21bps \n \n \n \n \n ·      Headline Trading profit ahead of expectations and up 6.0% versus prior year \n \n \n \n \n ·      Adjusted profit before taxation up 8.8% at £169.3m \n \n \n \n \n ·      Profit after taxation up 11.0%; basic earnings per share up 10.0% to 14.3 pence \n \n \n \n \n ·      Net debt £92.0m lower than last year and Net debt/EBITDA reduced to 0.7x \n \n \n \n \n ·      Agreed full pensions merger and removal of dividend match; on track to achieve full resolution by end of 2026 \n \n \n \n \n ·      Dividend stepped up 62% to 2.8 pence, as previous match to pension scheme redeployed into dividend \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 ·      UK branded revenue 1 up 4.4%; volume-led from consistent execution of branded growth model \n \n \n \n \n ·      Capital investment increased by 26% to £41.4m, in line with strategy, driving efficiencies & capacity expansion \n \n \n \n \n ·      New categories revenue up 46% with good progress across all initiatives \n \n \n \n \n ·      International revenue up 23% 9 ; double-digit revenue growth in all target regions \n \n \n \n \n ·      The Spice Tailor and FUEL10K both delivered double-digit revenue growth \n \n \n \n \n   \n \n \n \n \n Alex Whitehouse, Chief Executive Officer \n \n \n \n \n   \n \"The business has delivered another strong year, with branded revenue growth up 5.2%, exceeding £1 billion, and driven by particularly good volumes which resulted in us taking further market share. With this strong branded performance, Trading profit grew 6% compared to last year, exceeding our previously raised expectations.\" \n   \n \"Our premiumisation strategy continues to be highly relevant, reflecting the trend for consumers to trade up and treat themselves to ranges such as our Ambrosia Deluxe and Mr Kipling Signature Bites, both of which delivered very strong revenue growth this year. Our Nissin noodles again achieved double-digit sales growth, taking yet more market share and benefitted from the addition of big pots and Demae Ramen to the range.\" \n   \n \"In addition to the strong financial performance, we have also made progress against all the pillars of our growth strategy; we significantly increased capital investment in our manufacturing sites this year, delivering improved efficiencies and providing the platform for future growth. Our revenue in new categories rose by 46%, led by Ambrosia porridge pots and we also grew our overseas businesses by 23% 9 . Additionally, and as we apply the benefits of our branded growth model, our acquired brands, The Spice Tailor and FUEL10K, both delivered double-digit sales growth this year and remain well-set for significant future growth.\" \n   \n \"We have now reduced our leverage to below 1x adjusted EBITDA 4 , reflecting the strong cash generating capacity of our business and the suspension of pension deficit contribution payments. We are one step further towards the full resolution of the pension scheme and with the removal of the dividend match we are stepping up our distribution to shareholders this year with a 62% increase in the dividend.\" \n   \n \"As we look ahead to the coming year, we expect revenue growth to be supported by a strong product innovation programme and our expectations for Trading profit growth are unchanged. In line with our capital allocation framework, we will continue to invest in projects to both increase efficiencies and automation and facilitate growth through product innovation and capacity while we also remain focused on pursuing M&A opportunities where we can add value to brands through the application of our branded growth model.\" \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 2.8 pence per share in respect of the 52 weeks ended 29 March 2025 (FY23/24: 1.728p), payable on 25 July 2025 to shareholders on the register at the close of business on 27 June 2025. This represents a 62.0% increase in the dividend paid per share compared to FY23/24, is 54.7% ahead of adjusted earnings per share growth, and reflects redeployment of funds to shareholders following the removal of the dividend match to the Group's pension scheme. The ex-dividend date is 26 June 2025. \n   \n \n \n \n \n Outlook \n \n \n \n \n   \n The Group expects revenue growth this year to be more equally balanced between volume and price/mix as it continues to leverage the strength of its Branded Growth Model. Additionally, it expects to deliver further progress against its strategic pillars this year, with expectations for Trading profit growth unchanged. In light of the Group's balance sheet and strong cash generation, the Group expects to increase capital investment again this year in order to deliver attractive returns while also continuing to actively explore M&A opportunities. \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. \n   \n In March 2024, the Group announced the suspension of pension deficit contribution payments, which historically has consumed a significant proportion of cash. This frees up increased free cash flow and presents enhanced options for the Group to accelerate its growth ambitions. The Group's priorities for capital allocation are unchanged and 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 plant line investment. \n \n \n \n \n 2.   \n \n \n M&A: Continue to pursue branded assets which would benefit from the application of the Group's branded growth model. We will maintain our financial discipline on M&A, applying a similar approach as to the recent acquisitions of The Spice Tailor and FUEL10K, with a focus on Return on Invested Capital. \n \n \n \n \n 3.   \n \n \n Dividends: Expect to pay a progressive dividend, growing ahead of earnings, and have rebased the dividend following removal of the match to the pension scheme. \n \n \n \n \n   \n The Group's Net debt/EBITDA leverage target of 1.5x remains unchanged. \n   \n \n \n \n \n Environmental, Social and Governance (ESG) \n \n \n \n \n   \n The Group's 'Enriching Life Plan' 17 , encompasses the three strategic pillars of Product, Planet and People, with good progress reported in FY24/25 against each of these pillars. In Product, revenue from products with a high nutritional standard 18 increased by 9% in the year, aided by reformulation of our FUEL10K Granola products, meaning the FUEL10K breakfast cereal range is now non-HFSS (non-high in fat, salt and sugar). Products in the portfolio which are now classified as having a regulated health or nutrition benefit and are of a high nutritional standard 18 is now 45%, an increase on last year. Further strong progress was again made in the Planet pillar, with a 10% reduction in Scope 1 and 2 carbon emissions, reflecting a range of efficiency and investment programmes and the adoption of renewable energy. Over the last three years, the Group has reduced Scope 1 and 2 carbon emissions by 30%. In the People pillar, the Group's partnership with FareShare has facilitated the donation of over 1 million meals in a year for the first time, and increased 20% compared to last year. The proportion of women holding management grade roles is now 48%, up from 46.4% a year ago. \n   \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 FY24/25 Delivery/result \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 customer and retailer partnerships. \n   \n \n \n UK branded revenue growth of 4.4% 1 \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 kit to facilitate growth through our innovation strategy and enhances the safety and working conditions of our colleagues. \n   \n \n \n Capital investment £41.4m, up 26% \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 \n Revenue growth of 46% \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 EMEA. Brands which currently drive this expansion are Mr Kipling , Sharwood's and The Spice Tailor . \n   \n \n \n Revenue growth of 23% 9 \n \n \n \n \n 5. \n \n \n Inorganic opportunities \n \n \n Branded acquisitions to drive significant value through the application of our branded growth model, while maintaining strict financial discipline. \n \n \n The Spice Tailor and FUEL10K achieved double-digit revenue growth in FY24/25 \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/investor-centre \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/investors/results-centre \n   \n A Premier Foods image gallery is available using the following link: \n www.premierfoods.co.uk/media/image-gallery/ \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 sites 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   \n Through some of the nation's best-loved brands, including Ambrosia, Batchelors, Bisto , Loyd Grossman, Mr Kipling, Ox o and Sharwood's ,  we're creating 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 , in line with our Purpose of 'Enriching Life Through Food'. \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   \n \n \n \n \n Headland        \n \n \n \n \n \n \n \n Ed Young \n \n \n +44 (0) 7884 666830 \n \n \n \n \n Jack Gault     \n \n \n +44 (0) 7799 089357 \n \n \n \n \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 FY24/25 \n \n \n   \n \n \n FY23/24 \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 1,008.1 \n \n \n \n \n \n 958.1 \n \n \n \n \n \n 5.1% \n \n \n   \n \n \n 5.2% \n \n \n   \n \n \n \n \n Non-branded revenue 1 \n \n \n 139.7 \n \n \n \n \n \n 150.6 \n \n \n \n \n \n (7.2%) \n \n \n   \n \n \n (7.2%) \n \n \n   \n \n \n \n \n Headline revenue 1 \n \n \n 1,147.8 \n \n \n   \n \n \n 1,108.7 \n \n \n   \n \n \n 3.4% \n \n \n   \n \n \n 3.5% \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 264.8 \n \n \n \n \n \n 251.2 \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 Headline Trading profit 2 \n \n \n 187.8 \n \n \n   \n \n \n 177.2 \n \n \n   \n \n \n 6.0% \n \n \n   \n \n \n - \n \n \n   \n \n \n \n \n Headline Trading profit margin 2 \n \n \n 16.4% \n \n \n   \n \n \n 16.0% \n \n \n   \n \n \n +0.4ppt \n \n \n   \n \n \n - \n \n \n   \n \n \n \n \n \n \n \n \n \n \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 213.2 \n \n \n \n \n \n 201.6 \n \n \n \n \n \n 5.8% \n \n \n   \n \n \n - \n \n \n   \n \n \n \n \n Adjusted profit before taxation 5 \n \n \n 169.3 \n \n \n \n \n \n 155.6 \n \n \n \n \n \n 8.8% \n \n \n   \n \n \n - \n \n \n   \n \n \n \n \n Adjusted earnings per share 8 (pence) \n \n \n 14.5 \n \n \n \n \n \n 13.5 \n \n \n \n \n \n 7.3% \n \n \n   \n \n \n - \n \n \n   \n \n \n \n \n Basic earnings per share (pence) \n \n \n 14.3 \n \n \n \n \n \n 13.0 \n \n \n \n \n \n 10.0% \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 \n \n \n \n   \n Headline revenue 1 in FY24/25 increased by 3.5% to £1,147.8m, driven by Branded revenue which grew by 5.2%. Divisional contribution was up 5.4% to £264.8m and headline Trading profit increased by 6.0% to £187.8m. Group and corporate costs were £77.0m (FY23/24: £74.0m), the movement largely due to general salary inflation and IT investment. \n   \n Adjusted profit before taxation increased by £13.7m, or 8.8% to £169.3m, while adjusted earnings per share grew by 7.3%. Basic earnings per share for FY24/25 rose 10.0% to 14.3p (FY23/24: 13.0p). \n   \n Statutory overview \n   \n \n \n \n \n £m \n \n \n FY24/25 \n \n \n   \n \n \n FY23/24 \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 773.3 \n \n \n \n \n \n 740.4 \n \n \n \n \n \n 4.5% \n \n \n   \n \n \n \n \n Non-branded revenue \n \n \n 76.9 \n \n \n \n \n \n 110.0 \n \n \n \n \n \n (30.1%) \n \n \n   \n \n \n \n \n Total revenue \n \n \n 850.2 \n \n \n   \n \n \n 850.4 \n \n \n   \n \n \n 0.0% \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 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 233.8 \n \n \n \n \n \n 217.7 \n \n \n \n \n \n 7.3% \n \n \n   \n \n \n \n \n Non-branded revenue \n \n \n 65.0 \n \n \n \n \n \n 69.4 \n \n \n \n \n \n (6.3%) \n \n \n   \n \n \n \n \n Total revenue \n \n \n 298.8 \n \n \n   \n \n \n 287.1 \n \n \n \n \n \n 4.0% \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 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 1,007.1 \n \n \n \n \n \n 958.1 \n \n \n \n \n \n 5.1% \n \n \n   \n \n \n \n \n Non-branded revenue \n \n \n 141.9 \n \n \n \n \n \n 179.4 \n \n \n \n \n \n (20.9%) \n \n \n   \n \n \n \n \n Statutory revenue \n \n \n 1,149.0 \n \n \n   \n \n \n 1,137.5 \n \n \n   \n \n \n 1.0% \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 Profit before taxation \n \n \n 161.3 \n \n \n \n \n \n 151.4 \n \n \n \n \n \n 6.5% \n \n \n   \n \n \n \n \n Basic earnings per share (pence) \n \n \n 14.3 \n \n \n \n \n \n 13.0 \n \n \n \n \n \n 10.0% \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 The table above is presented including revenue from Knighton Foods. \n   \n Group revenue on a statutory basis was £1,149.0m, a 1.0% increase on FY23/24, as Branded revenue growth of 5.1% was partly offset by non-branded decline of 20.9%, principally due to contract exits associated with the closure of Charnwood/non-branded pizza bases. Grocery revenue of £850.2m was in line with the prior year with branded revenue up 4.5% and non-branded revenue 30.1% lower. Sweet Treats revenue increased 4.0% to £298.8m; commentary is provided in the Trading performance section below. \n   \n Trading performance \n   \n Grocery \n   \n \n \n \n \n £m \n \n \n FY24/25 \n \n \n   \n \n \n FY23/24 \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 774.3 \n \n \n \n \n \n 740.4 \n \n \n \n \n \n 4.5% \n \n \n \n \n \n 4.6% \n \n \n \n \n \n \n \n Non-branded revenue 1 \n \n \n 74.7 \n \n \n \n \n \n 81.2 \n \n \n \n \n \n (8.0%) \n \n \n \n \n \n (8.0%) \n \n \n \n \n \n \n \n Total headline revenue 1 \n \n \n 849.0 \n \n \n   \n \n \n 821.6 \n \n \n   \n \n \n 3.2% \n \n \n \n \n \n 3.3% \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 Divisional contribution 3 \n \n \n 229.4 \n \n \n \n \n \n 217.5 \n \n \n \n \n \n 5.5% \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Divisional contribution margin 3 \n \n \n 27.1% \n \n \n   \n \n \n 26.5% \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   \n On a headline basis, Grocery branded revenue 1 increased by 4.6% in the year to £774.3m, partially offset by an intentional reduction in non-branded revenue meaning total headline revenue 1 grew by 3.3% to £849.0m. Total UK branded revenue growth was 4.4% this year; volume growth was broad based and consistent, up 8%, reflecting both continued delivery of the Group's branded growth model alongside sharper promotional price points compared to the prior year. The Group gained volume share and broadly held value share 14 in its Grocery categories across the year, as its leading brands continue to demonstrate their strength and resilience in what has been a challenging consumer environment. Non-branded revenue declined as a result of contract exits and lower volumes. Divisional contribution increased by 5.5% to £229.4m this year, with margins of 27.1%, reflecting positive mix benefits from the stronger 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 through emotionally engaging advertising and building strategic retail partnerships with customers. \n   \n A broad range of new products were launched in the Grocery business during the year, including Sharwood's cooking sauce kits, Bisto sausage gravy and Loyd Grossman Pesto and Tomato & Mascarpone cooking sauces. The Ambrosia Deluxe range also continued to perform very well, growing 45%, tapping into the indulgence consumer trend, and benefitting from out of home media brand investment during the year. \n   \n Many of the Group's Grocery brands were advertised in the year using both television advertising but also increasingly leveraging a broader range of mediums including outdoor media and digital. Brands which used the former included Ambrosia, Sharwood's and FUEL10K. The Ambrosia media highlighted the increasingly successful Deluxe range which plays to the indulgence consumer trend while FUEL10K benefitted from advertising for the first time. Also new this year was the launch of a fresh new OXO family TV advertisement, highlighting how a young chef livens up a family meal with OXO Stock pots. Examples of brands which used digital media in the year include The Spice Tailor and FUEL10K. \n   \n The Group develops and maintains strategic and collaborative partnerships with customers to maximise category growth and deliver all year-round, highly visible, instore execution of its product portfolio. This year, the Group has been particularly successful in accelerating the levels of display in the breakfast category, as it leverages the high growth ranges of Ambrosia porridge pots alongside the broader FUEL10K product range, achieving impactful end of aisle displays. Meanwhile, Bisto teamed up with Wallace & Gromit with promotional on pack prizes to win. Additionally, distribution points 20 , a measure of shelf availability in major retailers, has increased again, with 501bps gain of distribution in Grocery categories in the second half of the year, meaning more of the Group's products are available in more stores. \n   \n Nissin noodles enjoyed another impressive year of volume-led revenue growth and in terms of revenue, it has now surpassed OXO in size. The Group began distribution of the Demae Ramen product range in the year, expanded the big pot range it launched last year and continued to gain market share, further extending its leadership of the authentic noodles category. \n   \n Revenue from expanding into new categories grew by 46% this year, with all initiatives growing strongly year on year. Ambrosia Porridge pots added a fifth flavour variant, Sweet Cinnamon, during the year and also expanded retailer distribution, with this expected to build further in FY25/26. It also benefitted from inclusion in mainstream Ambrosia TV brand advertising and market share 15 of the category increased to 13%. Cape Herb & Spice increased availability of its range in major retailers and introduced new flavours such as Greek Style Lemon & Herb. Ice-cream increased sales as well, introducing a new Mr Kipling caramel tart flavour and has plans for further range extensions in the coming year. \n   \n Recently acquired brands The Spice Tailor and FUEL10K both delivered double-digit % revenue growth in FY24/25. The Spice Tailor extended further beyond its Indian cuisine heartland in the year, with the launch of Chinese kits including Spicy Kung Po and Fiery Szechuan and East Asian kits such as Japanese Teriyaki. Instore execution has been elevated this year, with The Spice Tailor displayed on end of aisle displays alongside the Sharwood's brand portfolio to deliver increased visibility and sales. Additionally, the brand has benefitted from digital media during the year. Activity for next year includes the launch of pad thai noodles and authentic poppadoms. \n   \n FUEL10K has delivered strong progress as a result of applying all elements of the Group's branded growth model in its first full year of ownership with the Group. The brand's Chocolate Granola became the leading Granola product in its category, brand investment included out of home media for the first time and instore display was significantly enhanced alongside Ambrosia porridge. There is a deep product innovation pipeline, which includes protein bowls, protein enriched noodle pots and high protein soups. \n   \n In the fourth quarter, Grocery headline revenue increased by 1.1%, with branded growth of 1.9% and non-branded revenue 7.4% lower. This run rate reflects the anniversary of commencing sharper promotional price activity, which delivered strong volume growth in the same quarter a year ago. \n   \n Sweet Treats \n   \n \n \n \n \n £m \n \n \n FY24/25 \n \n \n   \n \n \n FY23/24 \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 233.8 \n \n \n \n \n \n 217.7 \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 revenue \n \n \n 65.0 \n \n \n \n \n \n 69.4 \n \n \n \n \n \n (6.3%) \n \n \n \n \n \n (6.3%) \n \n \n \n \n \n \n \n Total headline revenue 1 \n \n \n 298.8 \n \n \n   \n \n \n 287.1 \n \n \n   \n \n \n 4.0% \n \n \n \n \n \n 4.0% \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 Divisional contribution 3 \n \n \n 35.4 \n \n \n \n \n \n 33.7 \n \n \n \n \n \n 5.0% \n \n \n \n \n \n - \n \n \n \n \n \n \n \n Divisional contribution margin 3 \n \n \n 11.9% \n \n \n   \n \n \n 11.7% \n \n \n   \n \n \n 0.2ppt \n \n \n \n \n \n - \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \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 the year, partially offset by non-branded revenue, so total headline revenue grew 4.0%. Divisional contribution increased to £35.4m in Sweet Treats, and margins increased slightly to 11.9%, a 20 basis point improvement on last year supported by strong volume growth. The Group delivered strong market share gains, as it continues to execute its proven branded growth model. \n   \n Branded volumes were strong throughout FY24/25, reflecting strong execution of the Branded growth model, alongside sharper promotional price points across both Mr Kipling and Cadbury cake . Mr Kipling's Signature premium ranges performed very well; Brownie Bites grew by 78%, best ever mince pies doubled revenue through expanded distribution and indulgent chocolate and caramel layer cakes were launched to market. This performance again demonstrates the premiumisation consumer trend seen in the UK market. In the second half of the year, Mr Kipling also introduced Birthday cake tarts and Strawberry & Cream tarts which have had a very strong start and Strawberry & Cream French Fancies. Brand investment for Mr Kipling increased in the year, with further television advertising featuring its 'Piano' advert, in addition to upweighted out of home media focused on communicating the premium Signature range. \n   \n Cadbury cake grew volumes and revenue consistently during FY24/25; Caramel Mini Rolls were launched in the second half which supported strong performance across the core range. During the year, the Group extended the licence it holds with Mondelēz Europe GmbH to manufacture and sell Cadbury cake and ambient desserts through to 2028. \n   \n Non-branded revenue declines were due to contract exits of French Fancies in the first half of the year, and Swiss Rolls in the second half and consumers switching to our brands. \n   \n In quarter four, Sweet Treats revenue increased by 5.3%, with branded revenue up 7.8% and non-branded revenue 12.5% lower. \n   \n International \n   \n Revenue overseas increased by 23% 9 compared to last year. Over the last five years, the International business has more than doubled. In Australia and New Zealand, revenue grew in FY24/25, with Mr Kipling, Cadbury cake and Sharwood's cooking sauces all delivering growth through successful application of the Group's branded growth model. Mr Kipling TV advertising was expanded to an additional region utilising the popular 'Little Thief' advert during the year while The Spice Tailor benefitted from mainstream TV advertising for the first time in its history, airing in Australia in quarter four. The Spice Tailor also launched new products including Vietnamese Ginger Chicken and Spicy Butter Chicken while Sharwood's family sized cooking sauces contributed strongly to market share gains in the year. Additionally, and as the Group expands beyond its cake and cooking sauces heartland in this market, it established a presence with Paxo Gravy this year, delivering encouraging results in the second half. \n   \n North America revenue increased in the year, with a particularly strong performance in Canada. Mr Kipling slices are now available in 1,000 Canadian stores across four major retailers with Vanilla slices the strongest seller. Distribution of The Spice Tailor across both US and Canada is now 2,500 stores, an increase during the year, with further distribution planned for this and Sharwood's in FY25/26. Next year, the Mr Kipling brand will benefit from an updated pack design for the US and Canadian markets, which will accentuate the Britishness of the range. \n   \n Revenue in EMEA increased, reflecting new listings of The Spice Tailor range compared to the prior year, while Cadbury cake grew strongly in the Middle East due to the expansion of Cadbury Flake cake in the UAE and Kuwait. In the Netherlands, Batchelors launched core ranges Super Noodles and Pasta n Sauce. \n   \n Operating profit \n   \n Operating profit was £181.1m in the year, an increase of £3.4m compared to the prior year. Headline Trading profit 2 increased by £10.6m to £187.8m, as described above, and brand amortisation of £20.5m was similar to FY23/24. Net interest on pensions and administrative expenses was a credit of £19.8m, £11.8m lower than FY23/24, due to an interest credit on the opening combined surplus of the pension scheme of £28.8m, partly offset by £9.0m of administrative expenses.  The interest credit was £8.4m lower than the prior year due to a lower opening combined surplus of the pension scheme. Non-trading items 10 of £6.3m (FY23/24: £11.4m) were principally due to costs associated with the closure of the Knighton and Charnwood manufacturing sites. \n   \n Finance income and costs \n   \n Net finance cost was £19.8m in FY24/25, compared to £26.3m in the prior year. Net regular interest 6 reduced by £3.1m to £18.5m, predominantly due to an increase in interest receivable on bank deposits of £2.4m, reflecting higher levels of cash held on deposit compared to the prior year. Interest on the Group's Senior secured notes of £11.6m were, as expected, in line with the prior year. Other finance costs payable was £2.2m lower compared to the prior year due to lower non-cash charges on the unwind of long-term provisions and remeasurement of contingent consideration related to acquisitions. \n   \n The Group completed the signing of a new five year £227.5m revolving credit facility (RCF) during the year replacing its previous £175m facility. The new agreement is on improved terms, attracting a margin 19 of 2.0% above SONIA. Since 29 March 2025, the RCF has been increased to £282.5m, exercising an accordian option on the facility. \n   \n Taxation \n   \n The tax charge for the year was £36.4m (FY23/24: £38.9m) and largely reflected profit before taxation at the UK domestic income tax rate of 25% of £40.3m, partly offset by adjustments to prior year periods of £3.1m and losses not previously recognised now recognised of £2.2m. The Group is able to offset a proportion of cash tax payable through available brought forward losses. Following the suspension of pension deficit contributions effective 1 April 2024, which were allowable for tax, cash tax payable is expected to be approximately £10m next year. \n   \n Earnings per share \n   \n \n \n \n \n £m \n \n \n FY24/25 \n \n \n   \n \n \n FY23/24 \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 181.1 \n \n \n \n \n \n 177.7 \n \n \n \n \n \n 1.9% \n \n \n   \n \n \n \n \n Net finance cost \n \n \n (19.8) \n \n \n \n \n \n (26.3) \n \n \n \n \n \n 24.7% \n \n \n   \n \n \n \n \n Profit before taxation \n \n \n 161.3 \n \n \n   \n \n \n 151.4 \n \n \n   \n \n \n 6.5% \n \n \n   \n \n \n \n \n Taxation \n \n \n (36.4) \n \n \n \n \n \n (38.9) \n \n \n \n \n \n 6.4% \n \n \n   \n \n \n \n \n Profit after taxation \n \n \n 124.9 \n \n \n   \n \n \n 112.5 \n \n \n   \n \n \n 11.0% \n \n \n   \n \n \n \n \n Average shares in issue (million) \n \n \n 874.4 \n \n \n \n \n \n 862.4 \n \n \n \n \n \n 1.4% \n \n \n   \n \n \n \n \n Basic Earnings per share (pence) \n \n \n 14.3 \n \n \n   \n \n \n 13.0 \n \n \n   \n \n \n 10.0% \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 The Group reported profit before taxation of £161.3m in FY24/25, a 6.5% increase on the prior year. Profit after taxation was £124.9m, up £12.4m and basic earnings per share was 14.3 pence, an increase of 10.0%. \n   \n Cash flow \n   \n Net debt as at 29 March 2025 was £143.6m, a reduction of £92.0m compared to the prior year. Net debt / Headline adjusted EBITDA reduced from 1.2x to 0.7x during the year, as Headline adjusted EBITDA 4 increased by £11.6m, from £201.6m to £213.2m. \n   \n Headline Trading profit in the year was £187.8m, as described above. Depreciation plus software amortisation was £25.4m in the year, so Adjusted EBITDA 4 was £213.2m, 5.8% higher than FY24/25. A £10.0m outflow of working capital 21 , was similar to the prior year, and due to slightly lower trade creditors. Pension payments were £9.2m, of which administration costs including government levies were £6.5m and £2.7m being the last monthly payment of deficit contributions to the pension scheme (relating to March 2024), prior to suspension. A dividend match payment to the Group's pension schemes of £5.0m was also made in the year. Non-trading items were £7.7m and related to payments associated with closure of the Knighton and Charnwood manufacturing sites. \n               \n On a statutory basis, cash generated from operating activities was £158.1m (FY23/24: £121.7m) after deducting  finance costs paid of £26.6m (FY23/24: £23.9m), of which £3.8m was transaction costs related to the new Revolving Credit Facility and finance income received of £6.0m (FY23/24: £3.6m). Taxation paid of £9.9m in the period was an increase of £5.5m compared to the prior year, principally due to the suspension of pension deficit contributions which were allowable for tax. \n   \n Cash used in investing activities was £41.4m (FY23/24: £62.1m). Capital investment (which represents purchases of property, plant and equipment and purchases of intangible assets) increased from £32.8m in the prior year to £41.4m in the current year. The prior year also included £29.3m relating to the acquisition of FUEL10K . A s part of the Group's strategy to invest in manufacturing infrastructure in order 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. With pension deficit payments now suspended, the Group is allocating more funds to capital investment which will provide the fuel to deliver further branded growth. During the year, it installed an innovative energy efficient process to manufacture icing on certain cake products, which increases line efficiency and also reduces carbon emissions and also upgraded a Bisto packing line, delivering efficiency gains and enhanced pack weight control. In FY25/26, the Group expects to increase its capital investment further, to around £50m, which will include projects such as expanding capacity to facilitate further growth from products manufactured at its desserts site and an additional and larger solar panel installation at another cake site. \n   \n Cash used in financing activities was £27.5m in the year (FY23/24: £20.7m) which included a £14.9m dividend payment to shareholders (FY23/24: £12.4m) and £9.9m purchase of shares to satisfy share awards (FY23/24: £6.3m). As at 29 March 2025, the Group held cash and bank deposits of £191.5m and its £227.5m revolving credit facility 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. As previously announced, deficit contribution payments to the pension scheme Trustee were suspended with effect from 1 April 2024. \n   \n Furthermore, the RHM and Premier Foods sections of the pension scheme were legally merged with effect from 29 March 2025. Post merger, the scheme investment strategies are now being managed as one, and the disclosure of assets and liabilities recorded as one total scheme, as outlined in the table below. Additionally, the dividend match mechanism, whereby the pension scheme received a proportion of cash whenever a cash dividend was paid to shareholders, has been removed. \n   \n T he results of the triennial valuation, at 31 March 2025, will be announced when concluded. A full resolution of the pension scheme, where the scheme is fully de-risked, is forecast to take place by the end of 2026. \n   \n \n \n \n \n Pensions accounting valuation (£m) \n \n \n 29 March 2025 \n \n \n   \n \n \n 30 March 2024 \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 3,212.8 \n \n \n \n \n \n 3,565.0 \n \n \n \n \n \n (352.2) \n \n \n \n \n \n \n \n Present value of defined benefit obligation \n \n \n (2,564.1) \n \n \n \n \n \n (2,963.5) \n \n \n \n \n \n 399.4 \n \n \n \n \n \n \n \n Surplus \n \n \n 648.7 \n \n \n   \n \n \n 601.5 \n \n \n   \n \n \n 47.2 \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 The Group's pension scheme reported a surplus of £648.7m as at 29 March 2025, an increase of £47.2m compared to the prior year. Asset values fell by £352.2m or 9.9%, while the value of liabilities decreased by £399.4m, or 13.5%. The reduction in value of Government bonds was the main contributor of the reduction in asset values in the year and as an associated point, the applicable discount rate used to value liabilities was higher at 5.75% (FY23/24: 4.80%) reflecting the hedging strategy employed by the scheme. The RPI inflation rate assumption used was slightly lower at 3.05% (FY23/24: 3.15%). \n   \n Administration costs associated with running the pension schemes are expected to be £6-8m in FY25/26. \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 29 March 2025. The major strategic and operational risks are summarised under the headings of Macroeconomic and geopolitical instability, Impact of Government legislation on our products, Market and retailer actions, Supply chain interruption, Legal compliance, Climate risk, Technology and cyber, Product portfolio, People, M&A activity and Food safety.   \n   \n   \n   \n \n \n \n \n Alex Whitehouse       \n \n \n Duncan Leggett \n \n \n \n \n Chief Executive Officer                  \n \n \n Chief Financial Officer \n \n \n \n \n   \n   \n   \n   \n \n \n \n \n Appendices \n \n \n \n \n The Company's Preliminary results are presented for the 52 weeks ended 29 March 2025 and the comparative period, 52 weeks ended 30 March 2024. All references to the 'year', unless otherwise stated, are for the 52 weeks ended 29 March 2025 and the comparative period, 52 weeks ended 30 March 2024 . \n All references to the 'quarter', unless otherwise stated, are for the 13 weeks ended 29 March 2025 and the comparative period, 13 weeks ended 30 March 2024 . \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 \n (£m) \n \n \n FY24/25 \n \n \n \n \n Statutory revenue \n \n \n \n \n \n Charnwood \n \n \n \n \n \n Headline revenue 1 \n \n \n   \n \n \n Headline revenue 1 \n (constant currency) \n \n \n   \n \n \n Headline revenue \n % change vs prior year \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 \n   \n \n \n   \n \n \n \n \n Branded \n \n \n 773.3 \n \n \n \n \n \n - \n \n \n \n \n \n 773.3 \n \n \n   \n \n \n 774.3 \n \n \n   \n \n \n 4.5% \n \n \n   \n \n \n 4.6% \n \n \n   \n \n \n \n \n Non-branded \n \n \n 76.9 \n \n \n \n \n \n (2.2) \n \n \n \n \n \n 74.7 \n \n \n   \n \n \n 74.7 \n \n \n   \n \n \n (8.0%) \n \n \n   \n \n \n (8.0%) \n \n \n   \n \n \n \n \n Total \n \n \n 850.2 \n \n \n   \n \n \n (2.2) \n \n \n   \n \n \n 848.0 \n \n \n   \n \n \n 849.0 \n \n \n   \n \n \n 3.2% \n \n \n   \n \n \n 3.3% \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 \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 \n   \n \n \n   \n \n \n \n \n Branded \n \n \n 233.8 \n \n \n \n \n \n - \n \n \n \n \n \n 233.8 \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 \n \n \n 65.0 \n \n \n \n \n \n - \n \n \n \n \n \n 65.0 \n \n \n   \n \n \n 65.0 \n \n \n   \n \n \n (6.3%) \n \n \n   \n \n \n (6.3%) \n \n \n   \n \n \n \n \n Total \n \n \n 298.8 \n \n \n   \n \n \n - \n \n \n   \n \n \n 298.8 \n \n \n   \n \n \n 298.8 \n \n \n   \n \n \n 4.0% \n \n \n   \n \n \n 4.0% \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 \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 \n   \n \n \n   \n \n \n \n \n Branded \n \n \n 1,007.1 \n \n \n   \n \n \n - \n \n \n \n \n \n 1,007.1 \n \n \n   \n \n \n 1,008.1 \n \n \n   \n \n \n 5.1% \n \n \n   \n \n \n 5.2% \n \n \n   \n \n \n \n \n Non-branded \n \n \n 141.9 \n \n \n   \n \n \n (2.2) \n \n \n \n \n \n 139.7 \n \n \n   \n \n \n 139.7 \n \n \n   \n \n \n (7.2%) \n \n \n   \n \n \n (7.2%) \n \n \n   \n \n \n \n \n Total \n \n \n 1,149.0 \n \n \n   \n \n \n (2.2) \n \n \n   \n \n \n 1,146.8 \n \n \n   \n \n \n 1,147.8 \n \n \n   \n \n \n 3.4% \n \n \n   \n \n \n 3.5% \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 \n \n \n \n   \n \n \n \n \n Quarter 4 revenue \n (£m) \n \n \n FY24/25 \n \n \n \n \n Statutory revenue \n \n \n \n \n \n Charnwood \n \n \n \n \n \n Headline revenue 1 \n \n \n   \n \n \n Headline revenue 1 \n (constant currency) \n \n \n   \n \n \n Headline revenue \n % change vs prior year \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 \n   \n \n \n   \n \n \n \n \n Branded \n \n \n 201.9 \n \n \n \n \n \n - \n \n \n \n \n \n 201.9 \n \n \n   \n \n \n 202.2 \n \n \n   \n \n \n 1.8% \n \n \n   \n \n \n 1.9% \n \n \n   \n \n \n \n \n Non-branded \n \n \n 17.4 \n \n \n \n \n \n - \n \n \n \n \n \n 17.4 \n \n \n   \n \n \n 17.3 \n \n \n   \n \n \n (7.4%) \n \n \n   \n \n \n (7.4%) \n \n \n   \n \n \n \n \n Total \n \n \n 219.3 \n \n \n   \n \n \n - \n \n \n   \n \n \n 219.3 \n \n \n   \n \n \n 219.5 \n \n \n   \n \n \n 1.0% \n \n \n   \n \n \n 1.1% \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   \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 \n   \n \n \n   \n \n \n \n \n Branded \n \n \n 61.6 \n \n \n \n \n \n - \n \n \n \n \n \n 61.6 \n \n \n   \n \n \n 61.6 \n \n \n   \n \n \n 7.8% \n \n \n   \n \n \n 7.8% \n \n \n   \n \n \n \n \n Non-branded \n \n \n 7.1 \n \n \n \n \n \n - \n \n \n \n \n \n 7.1 \n \n \n   \n \n \n 7.1 \n \n \n   \n \n \n (12.5%) \n \n \n   \n \n \n (12.5%) \n \n \n   \n \n \n \n \n Total \n \n \n 68.7 \n \n \n   \n \n \n - \n \n \n   \n \n \n 68.7 \n \n \n   \n \n \n 68.7 \n \n \n   \n \n \n 5.3% \n \n \n   \n \n \n 5.3% \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 \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 \n   \n \n \n   \n \n \n \n \n Branded \n \n \n 263.5 \n \n \n   \n \n \n - \n \n \n \n \n \n 263.5 \n \n \n   \n \n \n 263.8 \n \n \n   \n \n \n 3.1% \n \n \n   \n \n \n 3.2% \n \n \n   \n \n \n \n \n Non-branded \n \n \n 24.5 \n \n \n   \n \n \n - \n \n \n \n \n \n 24.5 \n \n \n   \n \n \n 24.4 \n \n \n   \n \n \n (9.0%) \n \n \n   \n \n \n (9.0%) \n \n \n   \n \n \n \n \n Total \n \n \n 288.0 \n \n \n   \n \n \n - \n \n \n   \n \n \n 288.0 \n \n \n   \n \n \n 288.2 \n \n \n   \n \n \n 2.0% \n \n \n   \n \n \n 2.1% \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   \n \n \n   \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n   \n \n \n \n \n Headline adjusted EBITDA to Operating profit reconciliation (£m) \n \n \n FY24/25 \n \n \n   \n \n \n FY23/24 \n \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 adjusted EBITDA 4 \n \n \n 213.2 \n \n \n   \n \n \n 201.6 \n \n \n \n \n \n \n \n Depreciation \n \n \n (19.6) \n \n \n \n \n \n (19.5) \n \n \n \n \n \n \n \n Software amortisation 11 \n \n \n (5.8) \n \n \n \n \n \n (4.9) \n \n \n \n \n \n \n \n Headline Trading profit \n \n \n 187.8 \n \n \n   \n \n \n 177.2 \n \n \n \n \n \n \n \n Charnwood \n \n \n 0.0 \n \n \n \n \n \n 2.3 \n \n \n \n \n \n \n \n Amortisation of brand assets \n \n \n (20.5) \n \n \n \n \n \n (20.9) \n \n \n \n \n \n \n \n Fair value movements on foreign exchange & derivative contracts \n \n \n 0.3 \n \n \n \n \n \n (1.1) \n \n \n \n \n \n \n \n Net finance income on pensions and administrative expenses \n \n \n 19.8 \n \n \n \n \n \n 31.6 \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 Impairment of fixed assets \n \n \n - \n \n \n \n \n \n (4.2) \n \n \n \n \n \n \n \n Restructuring costs \n \n \n (1.2) \n \n \n \n \n \n (5.3) \n \n \n \n \n \n \n \n Other non-trading items \n \n \n (5.1) \n \n \n \n \n \n (1.9) \n \n \n \n \n \n \n \n Operating profit \n \n \n 181.1 \n \n \n   \n \n \n 177.7 \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 Finance income and costs (£m) \n \n \n FY24/25 \n \n \n   \n \n \n FY23/24 \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 11.5 \n \n \n \n \n \n (0.1) \n \n \n \n \n \n \n \n Bank debt interest - net 22 \n \n \n 5.0 \n \n \n \n \n \n 8.3 \n \n \n \n \n \n 3.3 \n \n \n \n \n \n \n \n \n \n \n 16.6 \n \n \n \n \n \n 19.8 \n \n \n \n \n \n 3.2 \n \n \n \n \n \n \n \n Amortisation of debt issuance costs \n \n \n 1.9 \n \n \n \n \n \n 1.8 \n \n \n \n \n \n (0.1) \n \n \n \n \n \n \n \n Net regular interest 6 \n \n \n 18.5 \n \n \n   \n \n \n 21.6 \n \n \n   \n \n \n 3.1 \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 Other finance costs payable \n \n \n 3.0 \n \n \n \n \n \n 5.2 \n \n \n \n \n \n 2.2 \n \n \n \n \n \n \n \n Write off of financing costs \n \n \n 1.4 \n \n \n \n \n \n - \n \n \n \n \n \n (1.4) \n \n \n \n \n \n \n \n Other finance income \n \n \n (3.1) \n \n \n \n \n \n (0.5) \n \n \n \n \n \n 2.6 \n \n \n \n \n \n \n \n Net finance cost \n \n \n 19.8 \n \n \n \n \n \n 26.3 \n \n \n \n \n \n 6.5 \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 Adjusted earnings per share (£m) \n \n \n FY24/25 \n \n \n   \n \n \n FY23/24 \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 Headline Trading profit \n \n \n 187.8 \n \n \n \n \n \n 177.2 \n \n \n \n \n \n 6.0% \n \n \n \n \n \n \n \n Less: Net regular interest 6 \n \n \n (18.5) \n \n \n \n \n \n (21.6) \n \n \n \n \n \n 14.5% \n \n \n \n \n \n \n \n Adjusted profit before taxation \n \n \n 169.3 \n \n \n   \n \n \n 155.6 \n \n \n   \n \n \n 8.8% \n \n \n \n \n \n \n \n Less: Notional tax (25%) \n \n \n (42.3) \n \n \n \n \n \n (38.9) \n \n \n \n \n \n (8.8%) \n \n \n \n \n \n \n \n Adjusted profit after taxation 7 \n \n \n 127.0 \n \n \n \n \n \n 116.7 \n \n \n \n \n \n 8.8% \n \n \n \n \n \n \n \n Average shares in issue (millions) \n \n \n 874.4 \n \n \n \n \n \n 862.4 \n \n \n \n \n \n 1.4% \n \n \n \n \n \n \n \n Adjusted earnings per share (pence) 8 \n \n \n 14.5p \n \n \n   \n \n \n 13.5p \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 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 30 March 2024 \n \n \n 235.6 \n \n \n   \n \n \n \n \n Movement in cash \n \n \n (89.2) \n \n \n \n \n \n \n \n Movement in debt issuance costs \n \n \n (0.5) \n \n \n \n \n \n \n \n Movement in lease creditor \n \n \n (2.3) \n \n \n \n \n \n \n \n Net debt at 29 March 2025 \n \n \n 143.6 \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n Adjusted EBITDA \n \n \n 213.2 \n \n \n \n \n \n \n \n Net debt / Adjusted EBITDA \n \n \n 0.7x \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 FY24/25 \n \n \n \n \n \n FY23/24 \n \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 Trading profit \n \n \n 187.8 \n \n \n \n \n \n 177.2 \n \n \n \n \n \n \n \n Charnwood \n \n \n 0.0 \n \n \n \n \n \n 2.3 \n \n \n \n \n \n \n \n Depreciation & software amortisation \n \n \n 25.4 \n \n \n \n \n \n 24.4 \n \n \n \n \n \n \n \n Other non-cash items \n \n \n 4.6 \n \n \n \n \n \n 6.6 \n \n \n \n \n \n \n \n Capital investment \n \n \n (41.4) \n \n \n \n \n \n (32.8) \n \n \n \n \n \n \n \n Working capital 21 \n \n \n (10.0) \n \n \n \n \n \n (9.0) \n \n \n \n \n \n \n \n Operating cash flow 16 \n \n \n 166.4 \n \n \n   \n \n \n 168.7 \n \n \n \n \n \n \n \n Interest paid \n \n \n (16.8) \n \n \n \n \n \n (20.3) \n \n \n \n \n \n \n \n Pension contributions \n \n \n (9.2) \n \n \n \n \n \n (38.7) \n \n \n \n \n \n \n \n Free cash flow 13 \n \n \n 140.3 \n \n \n   \n \n \n 109.7 \n \n \n \n \n \n \n \n Non-trading items \n \n \n (7.7) \n \n \n \n \n \n (14.4) \n \n \n \n \n \n \n \n Purchase of shares to satisfy share awards net of proceeds from share issue \n \n \n (9.9) \n \n \n \n \n \n (6.0) \n \n \n \n \n \n \n \n Re-financing fees \n \n \n (3.8) \n \n \n \n \n \n (0.5) \n \n \n \n \n \n \n \n Taxation paid \n \n \n (9.9) \n \n \n \n \n \n (4.4) \n \n \n \n \n \n \n \n Dividend paid \n \n \n (14.9) \n \n \n \n \n \n (12.4) \n \n \n \n \n \n \n \n Additional employer contributions (pensions match) \n \n \n (5.0) \n \n \n \n \n \n (3.8) \n \n \n \n \n \n \n \n Acquisition of subsidiaries, net of cash acquired \n \n \n 0.0 \n \n \n \n \n \n (29.3) \n \n \n \n \n \n \n \n Movement in cash \n \n \n 89.2 \n \n \n   \n \n \n 38.9 \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 89.2 \n \n \n \n \n \n 38.9 \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 As previously disclosed, the following table outlines the basis on which the Group reported Headline revenue, Trading profit and adjusted earnings per share for FY23/24. This includes acquisitions but excludes Revenue and Trading profit from the Charnwood site which closed in FY24/25. In FY23/24, all Charnwood revenue was reported in Grocery - Non-branded. \n   \n \n \n \n \n Group results ex Charnwood & Knighton(£m) \n \n \n \n \n \n FY23/24 \n \n \n \n \n Revenue \n \n \n \n \n \n Quarter 1 \n \n \n \n \n \n Quarter 2 \n \n \n \n \n \n Quarter 3 \n \n \n \n \n \n Quarter 4 \n \n \n \n \n \n Full Year \n \n \n \n \n \n \n \n Statutory revenue \n \n \n \n \n \n 235.9 \n \n \n \n \n \n 258.2 \n \n \n \n \n \n 356.3 \n \n \n \n \n \n 287.1 \n \n \n \n \n \n 1,137.5 \n \n \n \n \n \n \n \n Less: Knighton \n \n \n \n \n \n (4.8) \n \n \n \n \n \n (4.9) \n \n \n \n \n \n (3.6) \n \n \n \n \n \n (1.6) \n \n \n \n \n \n (14.9) \n \n \n \n \n \n \n \n Headline revenue (FY23/24 basis) \n \n \n   \n \n \n 231.1 \n \n \n \n \n \n 253.3 \n \n \n \n \n \n 352.7 \n \n \n \n \n \n 285.5 \n \n \n \n \n \n 1,122.6 \n \n \n \n \n \n \n \n Less: Charnwood \n \n \n   \n \n \n (3.9) \n \n \n \n \n \n (3.8) \n \n \n \n \n \n (3.1) \n \n \n \n \n \n (3.1) \n \n \n \n \n \n (13.9) \n \n \n \n \n \n \n \n Headline revenue (FY24/25 basis) \n \n \n   \n \n \n 227.2 \n \n \n \n \n \n 249.5 \n \n \n \n \n \n 349.6 \n \n \n \n \n \n 282.4 \n \n \n \n \n \n 1,108.7 \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 \n \n   \n \n \n \n \n \n \n \n Trading profit (£m) to adjusted eps (p) \n \n \n   \n \n \n Half 1 \n \n \n \n \n \n Half 2 \n \n \n \n \n \n Full Year \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Trading profit as reported \n \n \n   \n \n \n 67.5 \n \n \n \n \n \n 112.0 \n \n \n \n \n \n 179.5 \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Less: Charnwood \n \n \n   \n \n \n (0.9) \n \n \n \n \n \n (1.4) \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 Headline Trading profit (FY24/25 basis) \n \n \n   \n \n \n 66.6 \n \n \n \n \n \n 110.6 \n \n \n \n \n \n 177.2 \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Net regular interest \n \n \n   \n \n \n (10.6) \n \n \n \n \n \n (11.0) \n \n \n \n \n \n (21.6) \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Adjusted profit before taxation \n \n \n   \n \n \n 56.0 \n \n \n \n \n \n 99.6 \n \n \n \n \n \n 155.6 \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Adjusted profit after taxation at 25% \n \n \n   \n \n \n 42.0 \n \n \n \n \n \n 74.7 \n \n \n \n \n \n 116.7 \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n Adjusted earnings per share (pence) \n \n \n   \n \n \n 4.9p \n \n \n \n \n \n 8.6p \n \n \n \n \n \n 13.5p \n \n \n   \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \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 \n \n \n \n 1.   \n \n \n Headline revenue, including Grocery, UK or International branded revenue is stated on a constant currency basis, while the 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 & Knighton and is reconciled in appendices. \n \n \n \n \n 2.   \n \n \n The Group uses Trading profit to review overall Group profitability. Trading profit is defined as profit/(loss) before taxation, before net finance costs, amortisation of brand assets, non-trading items (see note 10 ) , fair value movements on foreign exchange and other derivative contracts, net interest on pensions and administration expenses. Headline Trading profit excludes Trading profit generated by Charnwood in the prior year, Charnwood contributing nil Trading profit in the current year and Knighton contributing nil Trading profit in both current and prior year. Headline Trading profit margin is calculated by dividing Headline Trading profit at actual rate by Headline Revenue at actual rate. \n \n \n \n \n 3.   \n \n \n Divisional contribution refers to Gross profit less selling, marketing and distribution costs directly attributable to the relevant business segment. Headline Divisional contribution excludes Divisional contribution generated by Charnwood in the prior year, Charnwood contributing nil Divisional contribution in the current year and Knighton contributing nil Divisional contribution in both current and prior year. Headline Divisional contribution margin is calculated by dividing Headline Divisional contribution at actual rate by Headline Revenue at actual rate. \n \n \n \n \n 4.   \n \n \n Headline Adjusted EBITDA is Headline Trading profit as defined in (2) above excluding depreciation and software amortisation. Adjusted EBITDA, mentioned elsewhere, is Trading profit as defined in (2) above excluding depreciation and software amortisation. There is no difference between Adjusted EBITDA and Headline Adjusted EBITDA. \n \n \n \n \n 5.   \n \n \n Adjusted profit before taxation is Headline Trading profit as defined in (2) above less net regular interest as defined in (6) below. \n \n \n \n \n 6.   \n \n \n Net regular interest is defined as net finance cost after excluding write-off of financing costs,  other finance costs payable and other finance income. \n \n \n \n \n 7.   \n \n \n Adjusted profit after taxation is Adjusted profit before taxation as defined in (5) above less a notional tax charge of 25.0%. \n \n \n \n \n 8.   \n \n \n References to Adjusted earnings per share are on a non-diluted basis and is calculated using Adjusted profit after taxation as defined in (7) above divided by the weighted average of the number of shares of 874.4 million for the 52 weeks ended 29 March 2025 (52 weeks ended 30 March 2024: 862.4 million). \n \n \n \n \n 9.   \n \n \n 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 \n \n \n \n £m \n \n \n Reported \n \n \n Adjustment \n \n \n Constant currency \n \n \n \n \n FY24/25 \n \n \n 51.3 \n \n \n 0.2 \n \n \n 51.5 \n \n \n \n \n FY23/24 \n \n \n 41.9 \n \n \n N/A \n \n \n 41.9 \n \n \n \n \n Growth % \n \n \n 22.3% \n \n \n N/A \n \n \n 22.9% \n \n \n \n \n   \n \n \n \n \n 1.   \n \n \n Non-trading items have been presented separately throughout the financial statements for the 52 weeks ended 29 March 2025. 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 \n \n \n \n 2.   \n \n \n Software amortisation is the annual charge related to the amortisation of the Group's software assets during the period. \n \n \n \n \n 3.   \n \n \n Net debt is defined as total borrowings, less cash and cash equivalents and less capitalised debt issuance costs. \n \n \n \n \n 4.   \n \n \n 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 net of proceeds from share issue, taxation paid, acquisitions of subsidiaries net of cash acquired and non-trading items. \n \n \n \n \n 5.   \n \n \n Circana, 52 weeks ended 29 March 2025. \n \n \n \n \n 6.   \n \n \n Circana, 24 weeks ended 29 March 2025. \n \n \n \n \n 7.   \n \n \n Operating cash flow is Free cash flow as defined in (13) excluding interest paid and pension contributions. \n \n \n \n \n 8.   \n \n \n Further details of progress on the Group's Enriching Life Plan will be provided in the forthcoming publication of the 2025 Annual Report. \n \n \n \n \n 9.   \n \n \n Defined as scoring less than 4 on UK Government's Nutrient Profiling Model \n \n \n \n \n 10. \n \n \n The Revolving Credit Facility attracts a margin on a ratchet grid according to latest reported Net debt/EBITDA \n \n \n \n \n 11. \n \n \n Circana, 26 weeks ended 29 March 2025. \n \n \n \n \n 12. \n \n \n 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 principle element of leases and is adjusted to exclude non-cash movements in non-trading items. \n \n \n \n \n 13. \n \n \n Bank debt interest - net represents finance costs payable on bank loans and overdrafts minus finance income receivable on bank deposits. \n \n \n \n \n 14. \n \n \n Throughout this report references to the 'year' refer to the Group's 52 week financial period. \n \n \n \n \n   \n Additional notes: \n \n \n \n \n ·      \n \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 \n \n \n \n ·      \n \n \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 \n \n \n \n ·      \n \n \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 Consolidated statement of profit or loss \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 29 March 2025 \n \n \n   \n \n \n 30 March 2024 \n \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 \n \n \n £m \n \n \n \n \n Revenue \n \n \n 3 \n \n \n               1,149.0 \n \n \n   \n \n \n          1,137.5 \n \n \n \n \n Cost of sales \n \n \n \n \n \n               (709.7) \n \n \n   \n \n \n            (705.2) \n \n \n \n \n Gross profit \n \n \n   \n \n \n                  439.3 \n \n \n   \n \n \n             432.3 \n \n \n \n \n Selling, marketing and distribution costs \n \n \n \n \n \n               (174.5) \n \n \n   \n \n \n            (178.8) \n \n \n \n \n Administrative costs \n \n \n \n \n \n                 (83.7) \n \n \n   \n \n \n              (75.8) \n \n \n \n \n Operating profit \n \n \n 3 \n \n \n                  181.1 \n \n \n   \n \n \n             177.7 \n \n \n \n \n Finance cost \n \n \n 4 \n \n \n                 (28.9) \n \n \n   \n \n \n              (30.4) \n \n \n \n \n Finance income \n \n \n 4 \n \n \n                     9.1 \n \n \n   \n \n \n                4.1 \n \n \n \n \n Profit before taxation \n \n \n   \n \n \n                  161.3 \n \n \n   \n \n \n             151.4 \n \n \n \n \n Taxation \n \n \n 5 \n \n \n                  (36.4) \n \n \n   \n \n \n              (38.9) \n \n \n \n \n Profit for the period attributable to owners of the parent \n \n \n \n \n \n                  124.9 \n \n \n   \n \n \n             112.5 \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 14.3 \n \n \n   \n \n \n 13.0 \n \n \n \n \n Diluted \n \n \n 6 \n \n \n 14.1 \n \n \n \n \n \n 12.7 \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   \n \n \n 52 weeks ended \n \n \n \n \n \n \n \n \n \n \n 29 March 2025 \n \n \n   \n \n \n 30 March 2024 \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 Profit for the period \n \n \n \n \n \n                 124.9 \n \n \n   \n \n \n 112.5 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income / (expense), net of tax \n \n \n   \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 \n \n \n Remeasurements of defined benefit schemes \n \n \n 7 \n \n \n 13.6 \n \n \n   \n \n \n (237.7) \n \n \n \n \n Deferred tax (charge) / credit on pensions movements \n \n \n 5 \n \n \n (4.0) \n \n \n   \n \n \n 50.6 \n \n \n \n \n Current tax credit on pension movements \n \n \n 5 \n \n \n                     0.4 \n \n \n   \n \n \n                8.4 \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 \n \n \n Exchange differences on translation \n \n \n \n \n \n (0.4) \n \n \n   \n \n \n (0.5) \n \n \n \n \n Other comprehensive income / (expense), net of tax \n \n \n   \n \n \n 9.6 \n \n \n   \n \n \n (179.2) \n \n \n \n \n Total comprehensive income / (expense) attributable to owners of the parent \n \n \n   \n \n \n 134.5 \n \n \n   \n \n \n (66.7) \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 29 March 2025 \n \n \n   \n \n \n 30 March 2024 \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             204.3 \n \n \n   \n \n \n           190.4 \n \n \n \n \n   Goodwill \n \n \n \n \n \n             702.7 \n \n \n   \n \n \n           702.7 \n \n \n \n \n   Other intangible assets \n \n \n \n \n \n             271.2 \n \n \n   \n \n \n           289.6 \n \n \n \n \n   Deferred tax assets \n \n \n     5 \n \n \n               16.7 \n \n \n   \n \n \n              22.4 \n \n \n \n \n   Net retirement benefit assets \n \n \n 7 \n \n \n            648.7 \n \n \n   \n \n \n           810.0 \n \n \n \n \n \n \n \n \n \n \n          1,843.6 \n \n \n   \n \n \n        2,015.1 \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             101.5 \n \n \n   \n \n \n              98.9 \n \n \n \n \n   Trade and other receivables \n \n \n \n \n \n             115.0 \n \n \n   \n \n \n           115.7 \n \n \n \n \n   Cash and cash equivalents \n \n \n 9 \n \n \n             191.5 \n \n \n   \n \n \n           102.3 \n \n \n \n \n   Derivative financial instruments \n \n \n \n \n \n                0.1 \n \n \n   \n \n \n                  -   \n \n \n \n \n \n \n \n \n \n \n             408.1 \n \n \n   \n \n \n           316.9 \n \n \n \n \n Total assets \n \n \n \n \n \n          2,251.7 \n \n \n   \n \n \n        2,332.0 \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           (260.1) \n \n \n   \n \n \n        (264.6) \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            (0.8) \n \n \n \n \n   Lease liabilities \n \n \n \n \n \n               (1.9) \n \n \n   \n \n \n            (2.7) \n \n \n \n \n   Provisions for liabilities and charges \n \n \n \n \n \n               (6.7) \n \n \n   \n \n \n            (9.8) \n \n \n \n \n   Current income tax liabilities \n \n \n 5 \n \n \n                     -   \n \n \n   \n \n \n            (0.4) \n \n \n \n \n   Other liabilities \n \n \n \n \n \n              (1.0) \n \n \n   \n \n \n                  -   \n \n \n \n \n \n \n \n \n \n \n           (270.3) \n \n \n   \n \n \n         (278.3) \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          (325.2) \n \n \n   \n \n \n         (325.7) \n \n \n \n \n   Lease liabilities \n \n \n \n \n \n               (8.0) \n \n \n   \n \n \n            (9.5) \n \n \n \n \n   Net retirement benefit obligations \n \n \n \n \n \n                    -   \n \n \n   \n \n \n         (208.5) \n \n \n \n \n   Provisions for liabilities and charges \n \n \n \n \n \n              (7.3) \n \n \n   \n \n \n            (7.3) \n \n \n \n \n   Deferred tax liabilities \n \n \n 5 \n \n \n          (178.3) \n \n \n   \n \n \n        (152.9) \n \n \n \n \n   Other liabilities \n \n \n \n \n \n             (20.6) \n \n \n   \n \n \n           (22.9) \n \n \n \n \n \n \n \n \n \n \n          (539.4) \n \n \n   \n \n \n        (726.8) \n \n \n \n \n Total liabilities \n \n \n \n \n \n         (809.7) \n \n \n \n \n \n      (1,005.1) \n \n \n \n \n Net assets \n \n \n \n \n \n         1,442.0 \n \n \n   \n \n \n         1,326.9 \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          1,010.0 \n \n \n \n \n \n           894.9 \n \n \n \n \n Total equity \n \n \n \n \n \n          1,442.0 \n \n \n   \n \n \n        1,326.9 \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 52 weeks ended \n \n \n   \n \n \n 52 weeks ended \n \n \n \n \n \n \n \n \n \n \n 29 March 2025 \n \n \n   \n \n \n 30 March 2024 \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             188.6 \n \n \n \n \n \n             146.4 \n \n \n \n \n Finance costs paid¹ \n \n \n \n \n \n             (26.6) \n \n \n   \n \n \n             (23.9) \n \n \n \n \n Finance income received \n \n \n \n \n \n                 6.0 \n \n \n   \n \n \n                3.6 \n \n \n \n \n Taxation paid \n \n \n \n \n \n               (9.9) \n \n \n \n \n \n               (4.4) \n \n \n \n \n Cash generated from operating activities \n \n \n   \n \n \n              158.1 \n \n \n   \n \n \n             121.7 \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                      -   \n \n \n \n \n \n             (29.3) \n \n \n \n \n Purchases of property, plant and equipment \n \n \n \n \n \n             (33.5) \n \n \n   \n \n \n             (24.7) \n \n \n \n \n Purchases of intangible assets \n \n \n \n \n \n               (7.9) \n \n \n \n \n \n               (8.1) \n \n \n \n \n Cash used in investing activities \n \n \n   \n \n \n              (41.4) \n \n \n   \n \n \n             (62.1) \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                (2.7) \n \n \n   \n \n \n               (1.8) \n \n \n \n \n Financing fees \n \n \n \n \n \n                      -   \n \n \n   \n \n \n               (0.5) \n \n \n \n \n Dividends paid \n \n \n 11 \n \n \n          (14.9) \n \n \n   \n \n \n             (12.4) \n \n \n \n \n Purchase of shares to satisfy share awards \n \n \n \n \n \n               (9.9) \n \n \n   \n \n \n               (6.3) \n \n \n \n \n Proceeds from share issue \n \n \n \n \n \n                      -   \n \n \n \n \n \n                0.3 \n \n \n \n \n Cash used in financing activities \n \n \n   \n \n \n              (27.5) \n \n \n   \n \n \n             (20.7) \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               89.2 \n \n \n \n \n \n              38.9 \n \n \n \n \n Cash and cash equivalents at beginning of period \n \n \n \n \n \n             102.3 \n \n \n \n \n \n              63.4 \n \n \n \n \n Cash and cash equivalents at end of period \n \n \n 8 \n \n \n              191.5 \n \n \n   \n \n \n             102.3 \n \n \n \n \n ¹ Payments in the current period include £3.8m of costs related to the refinancing of the revolving credit facility. See note 10 for further details. \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 2 April 2023 \n \n \n   \n \n \n 86.8 \n \n \n 2.5 \n \n \n 351.7 \n \n \n (9.3) \n \n \n 974.3 \n \n \n 1,406.0 \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 112.5 \n \n \n 112.5 \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 (237.7) \n \n \n (237.7) \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 50.6 \n \n \n 50.6 \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 8.4 \n \n \n 8.4 \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 (0.5) \n \n \n (0.5) \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 (179.2) \n \n \n (179.2) \n \n \n \n \n \n \n \n \n Total comprehensive expense \n \n \n   \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n (66.7) \n \n \n (66.7) \n \n \n \n \n \n \n \n \n Shares issued \n \n \n \n \n \n 0.1 \n \n \n 0.2 \n \n \n -  \n \n \n -  \n \n \n -  \n \n \n 0.3 \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 4.4 \n \n \n 4.4 \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 (6.3) \n \n \n (6.3) \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 (12.4) \n \n \n (12.4) \n \n \n \n \n \n \n \n \n At 30 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 \n \n \n \n \n \n   \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 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 1 Included in Retained earnings at 29 March 2025 is £4.3m in relation to cumulative translation losses (2024: £3.9m loss, 2023: £3.4m loss).  \n \n \n \n \n \n \n \n \n   \n \n \n \n \n 1.   General Information          \n \n \n \n \n The financial information included in this preliminary announcement does not constitute the Company's statutory accounts for the 52 weeks ended 29 March 2025 and for the 52 weeks ended 30 March 2024, but is derived from those accounts. Statutory accounts for the 52 weeks ended 30 March 2024 have been delivered to the registrar of companies, and those for 52 weeks ended 29 March 2025 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 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 28 September 2024 and 29 March 2025.​ \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. The Group therefore continues to adopt the going concern basis in preparing its financial information for the reasons set out below: ​ \n   \n At 29 March 2025 the Group had total assets less current liabilities of £1,981.4m (2024: £2,053.7m), net current assets of £137.8m (2024: £38.6m) and net assets of £1,442.0m (2024: £1,326.9m).Liquidity as at that date was £436.0m, made up of cash and cash equivalents, and undrawn committed credit facilities of £227.5m expiring in July 2029. 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, the global political environment, increasing costs including inflation, climate change, risk of cyber-attack and the retail market 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 Whilst the downside case is deemed severe but plausible, it is considered by the directors to be a robust stress test of going concern, 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, optimise 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 econom...

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