Premier Foods - A more resilient business
Premier Foods’ H119 results demonstrate the business has become more resilient under the stewardship of outgoing CEO, Gavin Darby. Revenue growth of 1.0% in Q2 despite the hot summer was encouraging, and the UK relaunch of the Mr Kipling brand has clearly gone well. The news that Ambrosia may be sold suggests yet another step in the business transformation, although the price will determine the level of dilution and any change to net debt/EBITDA.Premier Foods is a food company. Co.'s business is organized around five main categories: flavourings & seasonings with brands that include Bisto, OXO and Paxo; cooking sauces and accompaniments with brands that include Sharwood's, Loyd Grossman and Homepride; quick meals & soups with brands that include Batchelors and Smash; ambient desserts with brands that include Ambrosia, Bird's, Angel Delight, Mr Kipling and Cadbury; and ambient cakes with brands that include Mr Kipling, Cadbury and Lyons. Co.'s key customers include U.K. supermarkets as well as a range of other channels including discounters; convenience stores; online; wholesale and food service.
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