Shares of Premier Foods PLC (LON: PFD) jumped 4.5% today after the maker of Oxo stock cubes, Bisto gravy, and Mr Kipling cake said its sales jumped 22.5% for the quarter ending June 27.
The firm also witnessed a strong start for the second quarter, although it expects this trend to slow down amid the lifting of restrictions. Premier Foods’ products were popular as people were forced to cook at home. Branded sales were up 27% in the quarter.
“We have also observed significant increases in household penetration of our brands in the quarter, as Britain has got cooking again and consumers expand their repertoire of dishes prepared at home,” Chief Executive Officer Alex Whitehouse said.
Brands such as Ambrosia, Oxo and Sharwood's recorded strong performances, while sales of Nissin noodles more than doubled. As a result, Premier Foods’ revenue was up 2.8%, while profit rose by 3.2%.
The firm used an opportunity to repay 80 million pounds of its floating rate bonds amid the surge in liquidity.
Premier Foods share price surged over 4% to trade above 90p again. Shares are trading 400% higher since mid-March.