Premier Foods unveils plant-based brand after full-year loss

16/05/2019 - 08:55
Premier Foods is launching a new plant-based brand, Plantastic after it reported a statutory loss before tax of £42.7 million.

It will appear on shelf towards the end of the year, offering on-the-go options made from grains, fruits and vegetables.

It reported that the first snacks will a mixed grains dessert pot range in raspberry, strawberry, blueberry and passion fruit, and a lineup of cake bars: lime & courgette cake with coconut, apricot & ginger oat bar with chia seeds, and chocolate & beetroot brownie with cocoa nibs.

First details of the new brand – part of Premier’s ongoing efforts to make its portfolio healthier – were revealed this morning when the company announced its annual results.

In the year ending 30 March 2019 the Mr Kipling brand owner saw revenue up 0.6% to £824.3m year-on-year from £819.2 with an adjusted pre-tax profit up 12.1% from £78.6m to £88m.

However, the company saw a statutory loss before tax of £42.7m compared with a £20.9m profit in the previous year, which it attributed to recognising anti-discrimination ruling on women’s Guaranteed Minimum Pension (GMP) and the impairment of ‘intangible assets’.

The company’s Mr Kipling brand saw 12% growth in revenue after a successful brand relaunch in the UK, with ‘strong’ performances from Ambrosia, Batchelors, Sharwood’s and Soba.

However, it saw a 12.5% loss in international revenue caused by overstocking of Cadbury cake in Australia and lower export distributor volumes. Trading profit grew by 4.5% from £123.0m to £128.5m.

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