PREMIER FOODS PLC 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.
