Premier Foods: Building an impressive Branded Food business

研报英文原文证据摘录

Premier Foods: Building an impressive Branded Food business

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Premier Foods 14 May 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 13 May 2026 (GBP) 197.30

PFD.L PFD LN LSE PFD

Price Target (GBP) 250.00

Consumer Staples

214.50 -

Food Manufacturing 52-week range (GBP) 167.00

Building an impressive Branded Food

Valuation & Risks business

Damian McNeela

Key highlights from analyst call Research Analyst

UK Core Growth: Achieved strong UK branded revenue growth of +3.7% in FY26 +44-20-754-11565

and +5.0% in H2, driven by robust performance in Grocery (+2.3%) and Sweet

Daniel Tharian

Treats (+7.3%) and successful product innovations such as Mr Kipling cake bites Research Associate

and OXO bone broth. +44-20-7545-0195

International: While overall international revenue was slightly lower by 1.8% to Key changes

£50.4m due to reduced cake stock levels in Australia (in market sales +10%), the 240.00 to

TP ↑ 4.2%

business saw strong regional growth of +17% in the US and +9% in Europe, with 250.00

successful product launches and increased distribution for brands such as Mr Source: Deutsche Bank

Kipling, Sharwood's, and FUEL10K.

Price/price relative

Acquisition Performance: The acquired brands—The Spice Tailor, FUEL10K, and 250

Merchant Gourmet—all delivered double-digit revenue growth in FY26, with 200

Merchant Gourmet performing ahead of expectations and contributing £19.5m to 150

revenues and £2.5m to profit before tax since its acquisition in September 2025.

2024 2025 2026

New Categories: Revenue from newly entered categories surged by +37% in FY26, Premier Foods – (Rebased)

highlighted by continued growth of Ambrosia Porridge pots and the successful