Promotional price cuts to kitchen cupboard staples and the suspension of pension deficit contributions have helped to drive a double-digit rise in annual profits at Premier Foods.
The FTSE 250 group unveiled a 15 per cent rise in its adjusted pre-tax profit to £157.9 million in the 12 months to the end of March, on revenues of £1.14 billion. The profit figure was ahead of a consensus forecast for £153 million.
“We went into the fourth quarter with essentially value-led growth, so a higher price per unit, and we exited with volume-led growth, so increased volumes at a lower price per unit,” Alex Whitehouse, 54, its chief executive, said.
Last year the company pledged to reduce prices on some ranges, such as Loyd Grossman cooking
