Premier Foods FY22/23 Half year results - Factsheet
"Strong first half, expectations on track"
FINANCIAL HEADLINES
STRATEGIC PROGRESS
KEY FINANCIALS & OUTLOOK
Sales & Trading profit - (£m)
FY22/23 H1
FY21/22 H1
Change vs prior
year
Excluding impact of The Spice Tailor
Branded sales
358.3
345.0
3.9%
Non-branded sales
60.3
49.1
22.8%
Total sales
418.6
394.1
6.2%
Divisional contribution
83.5
77.0
8.4%
Group & corporate costs
(26.8)
(23.6)
(13.2%)
Trading profit
56.7
53.4
6.2%
EBITDA
68.5
67.1
2.1%
Cash flow (£m)
FY22/23 H1
FY21/22 H1
Trading profit
56.7
53.4
Depreciation
11.8
13.7
Other non-cash items
1.8
1.4
Capital expenditure
(6.3)
(6.3)
Working capital
(28.6)
(23.2)
Operating cash flow
35.4
39.0
Interest
(9.7)
(14.6)
Pension contributions
(20.7)
(19.5)
Free cash flow
5.0
4.9
Non-trading items
(2.7)
2.0
Proceeds from share issue
0.1
0.6
Re-financing fees
(0.7)
(13.2)
Taxation
(0.4)
-
Dividend (including pensions match)
(13.0)
(11.0)
Acquisition
(43.8)
-
Movement in cash
(55.5)
(16.7)
Sales (including The Spice Tailor) £m
FY22/23 H1
FY21/22 H1
Change vs prior
year
Including impact of The Spice Tailor
Branded sales
359.6
345.0
4.3%
Non-branded sales
60.3
49.1
22.8%
Total sales
419.9
394.1
6.6%
Adjusted Earnings per share
FY22/23 H1
FY21/22 H1
Change vs prior
year
Trading profit
56.7
53.4
6.2%
Less: net regular interest
(9.7)
(11.4)
(14.7%)
Adjusted Profit before tax
47.0
42.0
11.9%
Less: notional tax @ 19.0%
(8.9)
(8.0)
(11.9%)
Adjusted profit after tax
38.1
34.0
11.9%
Divided by: Average shares in issue (m)
860.3
856.9
0.4%
Adjusted earnings per share
4.4
4.0
11.4%
FY22/23 guidance
£m
Working capital
Outflow
Depreciation (includes software amortisation)
c.£25m
Capital expenditure
c.£30m
Interest - cash
£18-20m
Interest - P&L
c.£20m
Tax - cash
c.£1m
Tax - notional P&L rate
19.0%
Pension deficit contributions
£38m
Pension administration costs
£6-8m
Net debt (£m)
post-IFRS 16
Outlook
Net debt at 2 April 2022
285.0
Movement in cash
55.5
• Group takes good momentum into H2 as it continues to successfully navigate evolving
Movement in debt issuance costs
0.3
macroeconomic climate
Movement in lease creditor
(3.1)
• Second half will see more consumer-insight driven new product launches and further
Net debt at 1 October 2022
337.7
brand investment
• With leading portfolio of affordable brands, the Group considers it is well placed to
Adjusted EBITDA
68.5
perform well in the current environment
Net debt / LTM Adjusted EBITDA
2.0x
• Remains on track to deliver on expectations for full year
• In medium term, Group will continue to realise further shareholder value through
1 October 2022
2 April 2022
ongoing delivery of its five pillar growth strategy
Accounting pensions valuation (£m)
• Net debt/EBITDA target of 1.5x unchanged
RHM
Premier Foods
Combined
RHM
Premier Foods
Combined
Assets
3,251.1
584.3
3,835.4
4,273.7
826.3
5,100.0
Liabilities
(2,155.2)
(718.4)
(2,873.6)
(3,134.9)
(1,020.2)
(4,155.1)
Surplus
1,095.9
(134.1)
961.8
1,138.8
(193.9)
944.9
Surplus net of tax (@25%/19%)
821.9
(100.6)
721.3
854.1
(145.4)
708.7
Premier Foods FY22/23 Half year results - Factsheet
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Premier Foods plc published this content on 16 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2022 07:18:10 UTC.
Premier Foods plc is a United Kingdom-based food producer company. The Company's segments include Grocery, Sweet Treats, and International. The Grocery segment primarily sells savory ambient food products. The Sweet Treats segment sells primarily sweet ambient food products. The Company operates in approximately 15 sites across the country. It provides a range of retail, wholesale, food service and other customers with its brands. It operates primarily in the ambient food sector across United Kingdom grocery market. It operates in four grocery categories, namely Flavourings & Seasonings; Quick Meals, Snacks & Soups; Ambient Desserts and Cooking Sauces & Accompaniments. In addition, the Company has a portfolio of other branded food products and a non-branded food business, which manufactures products, such as cakes and desserts, on behalf of various United Kingdom food retailers, as well as a business-to-business (B2B) business supplying food products and ingredients.