Premier Foods cheers sales rise as Brits opt to eat-in

Cash-strapped Brits are not slashing their grocery bills, the boss of Bisto gravy-to-Mr Kipling cakes-maker Premier Foods claimed on Tuesday as the firm posted its best sales growth in five years.

Gavin Darby said Brits are eating out less and choosing to spend more on home meals, “which helps food companies [like us].”

That contributed to revenues jumping 3.6% to £819.2 million in the year to March 31.

The Oxo stock cubes firm also benefited from a 25% sales increase in its international division, led by demand in Australia.

Darby added that new Bachelors “Super Noodles in a pot” had been a standout performer. They are produced via its tie-up with Japanese noodles firm Nissin, which has a near 20% stake in Premier Foods.

Darby has been under pressure since Schwartz spices owner McCormick walked away from an indicative 65p-a-share offer for the business in 2016.

The shares today rose 0.7p to 38.45p.