REG - Premier Foods plc Premier Foods Fin - Full-year Results
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RNS Number : 2362E Premier Foods plc 14 May 2026
14 May 2026
Premier Foods plc (the "Group" or the "Company")
Preliminary results for the 52 weeks ended 28 March 2026
Strong earnings growth, ahead of expectations and further dividend increase
Headline results* (£m) FY25/26 FY24/25 change
Headline revenue(1) 1,175.2 1,146.8 2.5%
Headline branded revenue(1) 1,041.7 1,007.1 3.4%
Trading profit(2) 200.4 187.8 6.7%
Adjusted profit before taxation(5) 183.6 169.3 8.5%
Adjusted earnings per share(8) (pence) 15.8 14.5 8.7%
Net debt(12) 95.2 143.6 £48.4m lower
Statutory measures (£m) FY25/26 FY24/25 change
Revenue (FY24/25 includes Charnwood prior to site closure) 1,175.5 1,149.0 2.3%
Profit before taxation 181.9 161.3 12.8%
Profit after taxation 136.6 124.9 9.4%
Basic earnings per share (pence) 15.7 14.3 9.8%
Dividend per share (pence) 3.36 2.8 20.0%
Alternative performance measures above are defined and reconciled to statutory
measures throughout. Headline revenue is stated at constant currency to the
prior year.
* Headline results presented for FY24/25 exclude Charnwood results prior to
site closure; statutory measures include Charnwood results prior to site
closure
Strong financial performance
· Full year headline branded revenue(1) up 3.4%, H2 strengthened to +4.7%;
strong product innovation programme
· Total Grocery branded revenue(1) up 2.3%, Sweet Treats branded revenue up 7.3%
· Further market share(14) gains in both Grocery and Sweet Treats
· Trading profit £200.4m, ahead of previously raised expectations, up 6.7%
versus prior year
· Profit after taxation up 9.4% to £136.6m
· Net debt/Adjusted EBITDA now 0.4x
· Final dividend increased 20% to 3.36 pence;
· Board currently plans to introduce an interim dividend in FY26/27
Good progress on strategic priorities
· UK branded revenue(1) up 3.7% in full year and H2 up 5.0%
· Capital investment increased by 25% to £51.9m
· Revenue from newly entered categories up 37%
· Continued strategic progress overseas; US revenue +17%, Europe +9%, total
revenue(9) (1.8%) lower due to reduced stock levels of cake in Australia
· All acquired brands; The Spice Tailor, FUEL10K and Merchant Gourmet had
double-digit revenue growth
Alex Whitehouse, Chief Executive Officer
"Our continued focus on delivering profitable branded revenue growth has
resulted in another year of strong earnings progression with full year Trading
profit increasing to more than £200m. This profit delivery is ahead of
previously raised guidance and reflects further branded revenue growth and
market share gains, in addition to efficiency benefits from our capital
investment programme."
"Our innovation programme has been particularly strong this year and has been
a key driver of growth in our UK core branded business. New product ranges
such as Mr Kipling cake bites tubs, OXO bone broth and Angel Delight bubble
jelly have been extremely successful, and yet again demonstrate the strength
of our Branded Growth Model. We are particularly pleased with the impact our
new ranges have had within our Sweet Treats business, where we have seen
branded revenue growth of over 7% this year. Boosted by these innovations,
this has been Mr Kipling's biggest ever year."
"We've also continued to invest in the business; our capital infrastructure
investment has increased further this year, as we drive automation, increase
efficiencies, and lay the platform for further growth. Revenue from our
entries into new categories grew 37% this year; the launch of FUEL10K yogurt
& granola being a major highlight, and while our overseas business was
impacted by a reduction of retailer stock levels of cake in Australia, we made
strong progress in Europe and North America."
"During the year, we also added the Merchant Gourmet brand to our portfolio,
as we continue to deliver on our strategy of acquiring brands with strong
future growth potential. All three of our acquired brands grew revenues
double-digits this year and we see further opportunities for them, in the UK
and overseas. Additionally, and even after the Merchant Gourmet acquisition,
our financial leverage reduced to 0.4x Net debt/Adjusted EBITDA."
"In line with our progressive approach to dividends, we're increasing the
final dividend by 20%, which is again well ahead of adjusted earnings growth.
Given the continued strong performance of the Group and the cash generating
capacity of the business, we also currently plan to introduce an interim
dividend in FY26/27. As we look forward to FY26/27, our expectations are
unchanged and we expect to make further strong progress across all our
strategic pillars."
Dividend
Subject to shareholder approval, the directors have proposed a final dividend
of 3.36 pence per share in respect of the 52 weeks ended 28 March 2026
(FY24/25: 2.8p), payable on 24 July 2026 to shareholders on the register at
the close of business on 26 June 2026. This represents a 20.0% increase in the
dividend paid per share compared to FY24/25, and in line with the Group's
approach to dividends, is ahead of adjusted earnings per share growth, which
was 8.7% in FY25/26. The ex-dividend date is 25 June 2026.
Additionally, the Board currently plans to introduce the payment of an interim
dividend in the financial year ending 3 April 2027. A further update on the
quantum of an interim dividend will be provided at the Group's Half year
results on 12 November 2026.
Outlook
The Group expects to deliver further profitable branded revenue growth through
leveraging the strength of its proven Branded Growth Model, in its UK core
business, expanding into new categories, growing overseas, and actively
exploring further M&A opportunities. While the Group is mindful of the
current macroeconomic and geopolitical environment, Trading profit
expectations for FY26/27 remain unchanged and current low leverage levels
provide increasing options to deliver on the Group's growth agenda, thereby
further enhance shareholder returns.
Strategy overview
The Group's five pillar strategy drives growth and creates value, as outlined
below.
Pillar Strategy Overview FY25/26 Delivery/result
1. Continue to grow the UK core business Our Branded Growth Model leverages our leading category positions, launching UK branded revenue(1) up 3.7% and up 5.0% in H2
new products to market driven by consumer trends, supporting our brands with
sustained levels of marketing investment and fostering strong retailer
partnerships.
2. Supply chain investment Investing in operational infrastructure to increase efficiency and Capital investment of £51.9m, up 25%
productivity providing a virtuous cycle for brand investment. Also includes
new equipment to facilitate growth through our innovation strategy and enhance
the safety and working conditions of our colleagues.
3. Expand UK business into new categories Leverage the strength of our brands, using our proven Branded Growth Model to Revenue growth up 37%
launch products in adjacent food categories, outside the Group's core.
4. Build international businesses with critical mass Building sustainable business units overseas with critical mass, applying Headline revenue(1,9) (1.8%) lower due to Australia cake. Strong strategic
brand building capabilities to deliver growth in target markets of Australia progress: Europe revenue +9% and launched FUEL10K, US revenue +17%, increased
& New Zealand, North America and Europe. Our key brands to drive this cake distribution, hit highest market share for Australia cake
expansion are Mr Kipling, Sharwood's, The Spice Tailor and now also FUEL10K.
5. Inorganic opportunities To acquire brands with significant future growth potential and add value to Acquired Merchant Gourmet in FY25/26. All acquired brands grew revenue in
them through leveraging the Branded Growth Model, while applying strict double-digit % terms.
financial discipline.
Enhanced capital allocation opportunities
The Group is highly cash generative and benefits from strong EBITDA margins in
line with the global branded food sector. With low levels of leverage and Net
debt/Adjusted EBITDA at 0.4x, the Group has enhanced options to deliver on its
growth ambitions and generate value for shareholders. Over the medium-term,
the Group expects leverage to be in the 1.0 - 2.0x range. The Group's
priorities for capital allocation are summarised as follows:
1. Capital investment: To increase efficiency and automation at our manufacturing
sites and facilitate innovation driven growth through new manufacturing line
investment.
2. M&A: Continue to pursue branded assets which the Group considers to be
'future focused' and have growth potential which would benefit from the
application of the Group's Branded Growth Model. The Group will maintain its
financial discipline on M&A, applying a similar approach to the completed
acquisitions of The Spice Tailor, FUEL10K and Merchant Gourmet, with a focus
on Return on Invested Capital.
3. Dividends: The Group expects to pay a progressive dividend, which will grow
ahead of adjusted earnings, and currently plans to introduce an interim
dividend from FY26/27.
Pensions update
The Group and the Pension Trustee have made significant progress in recent
years to improve the funding position of the pension scheme ("Scheme"). This
has resulted in the following:
1. The Group no longer pays deficit contribution payments to the Scheme
2. The dividend match in favour of the Scheme, has been removed
3. Administrative fees will be funded by the Scheme, with effect from April 2026,
saving the Group c.£5m p.a.
4. No further cash contributions are expected to be made to the Scheme.
5. The Triennial valuation has completed and the Scheme is now in a surplus on a
buy-in valuation basis
6. Given the size of the Scheme, and the de-risking strategy being employed,
there is the prospect of realisation of this surplus in due course, and which
would be shared between the Company and the Trustee
Further information
A presentation to equity and bond investors and analysts will be webcast today
at 9:00am BST.
To register for the webcast follow the link: www.premierfoods.co.uk/investors/
(http://www.premierfoods.co.uk/investors/)
A recording of the webcast will be available on the Company's website later in
the day.
A factsheet providing an overview of the Preliminary results is available at:
www.premierfoods.co.uk/results-centre
(http://www.premierfoods.co.uk/results-centre)
A Premier Foods image gallery is available using the following link:
www.premierfoods.co.uk/media/
As one of Britain's largest food producers, we're passionate about food and
believe each and every day we have the opportunity to enrich life for
everyone. Premier Foods employs over 4,000 people operating from 13 locations
across the country, supplying a range of retail,
wholesale, foodservice and other customers with our iconic brands which
feature in millions of homes every day.
We are home to some of the nation's best-loved brands, including Ambrosia,
Batchelors, Bisto, Loyd Grossman, Mr Kipling, Oxo and Sharwood's. More
recently, we have expanded our portfolio of leading brands through acquisition
to include The Spice Tailor, FUEL10K and Merchant Gourmet. In line with our
purpose of 'Enriching Life Through Food', we create great tasting products
that contribute to healthy and balanced diets, while committing to nurturing
our people and our local communities, and going further in the pursuit of a
healthier planet.
Contacts:
Institutional investors and analysts:
Duncan Leggett, Chief Financial Officer
Richard Godden, Director of Investor Relations
Investor.relations@premier (mailto:Investor.relations@premier) foods.co.uk
Media enquiries:
Lisa Kavanagh, Director of Corporate Affairs
Headland
Ed Young
+44 (0) 7884 666830
Jack Gault
+44 (0) 7799 089357
premierfoods@headlandconsultancy.com
- Ends -
This announcement may contain "forward-looking statements" that are based on
estimates and assumptions and are subject to risks and uncertainties.
Forward-looking statements are all statements other than statements of
historical fact or statements in the present tense, and can be identified by
words such as "targets", "aims", "aspires", "assumes", "believes",
"estimates", "anticipates", "expects", "intends", "hopes", "may", "would",
"should", "could", "will", "plans", "predicts" and "potential", as well as the
negatives of these terms and other words of similar meaning. Any
forward-looking statements in this announcement are made based upon Premier
Foods' estimates, expectations and beliefs concerning future events affecting
the Group and subject to a number of known and unknown risks and
uncertainties. Such forward-looking statements are based on numerous
assumptions regarding the Premier Foods Group's present and future business
strategies and the environment in which it will operate, which may prove not
to be accurate. Premier Foods cautions that these forward-looking statements
are not guarantees and that actual results could differ materially from those
expressed or implied in these forward-looking statements. Undue reliance
should, therefore, not be placed on such forward-looking statements. Any
forward-looking statements contained in this announcement apply only as at the
date of this announcement and are not intended to give any assurance as to
future results. Premier Foods will update this announcement as required by
applicable law, including the Prospectus Rules, the Listing Rules, the
Disclosure and Transparency Rules, London Stock Exchange and any other
applicable law or regulations, but otherwise expressly disclaims any
obligation or undertaking to update or revise any forward-looking statement,
whether as a result of new information, future developments or otherwise.
Financial results
Overview
£m FY25/26 FY24/25 % change % change
(@ actual rates) (@ constant currency)
Branded revenue(1) 1,041.7 1,007.1 3.5% 3.4%
Non-branded revenue(1) 133.5 139.7 (4.4%) (4.4%)
Headline revenue(1) 1,175.2 1,146.8 2.5% 2.5%
Divisional contribution(3) 279.1 264.8 5.4%
Trading profit(2) 200.4 187.8 6.7%
Trading profit margin(2) 17.0% 16.4% +0.6ppt
Adjusted EBITDA(4) 226.9 213.2 6.4%
Adjusted profit before taxation(5) 183.6 169.3 8.5%
Adjusted earnings per share(8) (pence) 15.8 14.5 8.7%
Basic earnings per share (pence) 15.7 14.3 9.8%
Headline revenue(1) for FY25/26 increased by 2.5% to £1,175.2m in FY25/26,
driven by Branded revenue(1) which grew by 3.4%. Divisional contribution(3)
increased by 5.4% to £279.1m and Trading profit(2) advanced by 6.7% to
£200.4m in FY25/26. Group and corporate costs were £78.7m in the year
(FY24/25: £77.0m).
Adjusted profit before taxation(5) increased by £14.3m, up 8.5% to £183.6m
and adjusted earnings per share(8) grew by 8.7% to 15.8 pence. Basic earnings
per share was 15.7p, up 9.8% on the prior year.
Statutory overview
£m FY25/26 FY24/25 % change
Grocery
Branded revenue 791.3 773.3 2.3%
Non-branded revenue 69.1 76.9 (10.1%)
Total revenue 860.4 850.2 1.2%
Sweet Treats
Branded revenue 250.7 233.8 7.3%
Non-branded revenue 64.4 65.0 (1.0%)
Total revenue 315.1 298.8 5.5%
Group
Branded revenue 1,042.0 1,007.1 3.5%
Non-branded revenue 133.5 141.9 (5.9%)
Statutory revenue 1,175.5 1,149.0 2.3%
Profit before taxation 181.9 161.3 12.8%
Basic earnings per share (pence) 15.7 14.3 9.8%
The table above is presented including revenue from Charnwood in FY24/25.
Group revenue on a statutory basis was £1,175.5m, up 2.3% on FY24/25, as
Branded revenue growth of 3.5% was partly offset by lower non-branded revenue,
due to contract exits including the closure of Charnwood in the prior year and
other Grocery contract exits. Grocery revenue was £860.4m, up 1.2% and Sweet
Treats revenue was £315.1m, up 5.5% compared to the prior year; more detailed
commentary is provided in the Trading performance section below. Branded
revenue as a percentage of total revenue increased by 100 basis points to
88.6% of Total revenue in the year.
Trading performance
Grocery
£m FY25/26 FY24/25 % change % change
(@ actual rates) (@ constant currency)
Branded revenue(1) 791.0 773.3 2.3% 2.3%
Non-branded revenue(1) 69.1 74.7 (7.3%) (7.3%)
Total headline revenue(1) 860.1 848.0 1.5% 1.4%
Divisional contribution(3) 237.3 229.4 3.4% -
Divisional contribution margin(3) 27.6% 27.1% +0.5ppt -
FY25/26 stated on a constant currency basis; please see table in the
appendices for reconciliation.
On a headline basis, Grocery branded revenue(1) increased by 2.3% in the year
to £791.0m. Total headline revenue(1) increased by 1.4% to £860.1m,
partially offset by lower non-branded revenue. Total UK branded revenue
increased by 3.7% in FY25/26, and by 5.0% in the second half of the year,
reflecting continued benefits of the Group's Branded Growth Model. The Grocery
business also gained market share. Non-branded revenue declined as a result of
contract exits in Stuffing and Custard. Divisional contribution increased by
3.4% to £237.3m in the year and margins advanced by 50 basis points due to a
combination of ongoing efficiency programmes and positive mix benefits from
the branded revenue performance.
The Group's well-established model of generating value is through leveraging
the strength of its market leading brands, launching insightful new products,
investing in its brands using a variety of different marketing techniques and
building strategic retail partnerships with customers. This year has been no
exception.
Marketing support for the Group's category leading brands is a vital element
of the Branded Growth Model, to ensure effective communication to a wide range
of consumer groups. The Group considers the return on investment of this
strategy is high, and channels utilised to communicate the Group's brands
include: TV and radio advertising, out of home media and digital and social
media, the latter to drive greater connection with younger demographic
audiences.
In FY25/26, the Grocery business continued to launch new products aligned to
the consumer trends of health & nutrition; premium and indulgence;
convenience and on-the-go; and packaging sustainability. Ranges added to the
Grocery portfolio this year included Batchelors microwaveable Pasta 'n' Sauce,
Loyd Grossman premium cooking sauces, OXO bone broth and OXO ready to use
stock and Angel Delight bubble jelly. Additionally, Nissin noodles sales
increased, and further consolidated their position as leader in the authentic
noodles category, supported by launches of Nissin Demae Ramen chicken noodles
multipacks and Soba Protein noodles pots.
Distribution points(14), a measure of shelf availability in major retailers,
increased by 3.5% in the Grocery business due to increased distribution of
Batchelors, especially from the new microwaveable Pasta 'n' Sauce range.
New categories revenue increased by 37% this year, with all initiatives
growing strongly year on year. Ambrosia Porridge pots grew revenue again in
the year, reflecting expansion of its major multiple retailer distribution in
the year. Cape Herb & Spice enjoyed another very strong year, with its
wide distribution across major retailers and breadth of range which present
consumers with plenty of options to liven up a range of meal occasions.
FUEL10K yogurt & granola pots were launched in the chilled category and
was the Group's latest extension in new categories. Initially listed in two
major retailers, and across three product variants, they have delivered strong
early results.
The Group acquired Merchant Gourmet, the premium, healthy, convenient meals
brand in the year for a consideration of £46.1m, net of cash acquired. In the
first seven months of ownership, the brand has performed ahead of
expectations, delivering pro forma annual revenue of c.£30m in FY25/26. The
brand has a strong pipeline of new product development planned for FY26/27,
and for example, launched a range of gourmet baked beans in the fourth
quarter.
The other relatively recently acquired brands, The Spice Tailor and FUEL10K,
also delivered double-digit percentage revenue growth in the year, as they
continued to reap the benefits of the Group's Branded Growth Model. FUEL10K in
particular enjoyed a very strong year as consumers increasingly seek out
protein-enriched products; it launched new products such as protein bowls and
yogurt & granola pots.
In the fourth quarter, Grocery headline revenue(1) increased by 2.2%, with
branded revenue growth of 2.9%, partially offset by 3.7% lower non-branded
revenue.
Sweet Treats
£m FY25/26 FY24/25 % change % change
(@ actual rates) (@ constant currency)
Branded revenue 250.7 233.8 7.3% 7.3%
Non-branded revenue 64.4 65.0 (1.0%) (1.0%)
Total headline revenue(1) 315.1 298.8 5.5% 5.5%
Divisional contribution(3) 41.8 35.4 18.1% -
Divisional contribution margin(3) 13.3% 11.9% 1.4ppts -
Sweet Treats branded headline revenue increased by 7.3% in FY25/26, while
non-branded revenue was slightly lower at £64.4m, the result being total
headline revenue grew 5.5% to £315.1m. Divisional contribution increased by
£6.4m to £41.8m and margins also increased in the year, to 13.3%. Sweet
Treats again delivered further market share(14) gains, as the Mr Kipling and
Cadbury cake brands continue to perform strongly in market.
The performance of the Sweet Treats branded business was due to consistent
strong delivery of the Group's Branded Growth Model. In particular, the
strength of the product innovation programme in FY25/26 resulted in volume
growth throughout the year and which fed through to operational leverage
benefits at a Divisional contribution level. Of the new products launched in
the year, Mr Kipling cake bites tubs led the way, providing consumers with
bite-sized tasty treats for sharing across a six-variant product line up. This
range will be rolled out to more customers, expanding distribution, in
FY26/27. Additionally, Breakfast Bakes, also under the Mr Kipling brand were
launched to market, expanding the Group's presence in Breakfast, Mr Kipling
Birthday cake tarts continued to perform very well and Cadbury cake increased
its Mini Rolls range, adding Cadbury Caramel Mini Rolls. Distribution points
also increased significantly again this year, up 12.1%, reflecting the
strength of the product innovation programme.
Non-branded revenue was slightly lower in the full year, and in line with the
prior year in the fourth quarter. Over the full year, new listings of Jam
Tarts were offset by some exits of Whirls and Slices. In the medium-term, the
Group expects Non-branded revenue to be broadly flat, albeit some quarters may
experience occasional variability.
Sweet Treats revenue in the fourth quarter grew by 7.3% compared to the prior
year, led by brands which increased 8.1%, reflecting the full year trends as
described above. This marks the 10(th) consecutive quarter of branded revenue
growth in the Sweet Treats business, with an arithmetic average of c.8%.
International
Revenue generated overseas in the year was £50.4m, 1.8% lower than the prior
year on a constant currency basis (FY24/25: £51.3m). In the US, revenue
increased by 17% and in Europe, revenue grew by 9%. This was offset by the
performance in Australasia where revenue was lower due to reduced buffer
stocks held by retailers. However, in Australia, Mr Kipling cake sales at
point of consumer purchase increased by 10% compared to the prior year, and
cooking sauces also grew in double-digit terms, demonstrating continued strong
consumer-end demand. Mr Kipling household penetration levels reached highs of
21.3%(19), and delivered further market share gains, demonstrating the brand's
strong progress and popularity. In the Global cuisines category, The Spice
Tailor benefitted from TV advertising, increasing consumer awareness, and
which contributed to double-digit sales growth and market share gains. New
products launched in the year which performed well included Malaysian Peanut
Satay kits.
The USA revenue performance was strong, with sales of both Mr Kipling and
Sharwood's in double-digit percentage growth compared to last year. Mr Kipling
Apple Pies were launched into their first major retailer in FY25/26.
Additionally, distribution of lemon and chocolate slices was expanded, with
packaging now accentuating the Britishness of the brand and product
proposition. The Spice Tailor gained additional retailer listings in the year
while Sharwood's also continued to gain distribution. In Canada, Mr Kipling
slices and apple pies grew strongly year on year, supported by a social media
campaign.
In the fourth quarter, FUEL10K granola and porridge product ranges launched
into Europe for the first time, attaining listings in seven countries. The
Netherlands is the first market to go live, with the launch being supported by
instore promotional activity, sampling and social media. Additionally,
Sharwood's achieved increased retailer distribution levels in France and
Netherlands.
Operating profit
Operating profit increased by £19.7m or 10.9% to £200.8m in the year.
Trading profit(2) increased by £12.6m to £200.4m, as described above, and
amortisation of brand assets £21.0m was £0.5m higher than in the prior year.
Net finance income on pensions and administrative expenses was a credit of
£28.0m, £8.2m higher than FY24/25, owing to an interest credit on the
opening combined surplus of the pension scheme of £36.7m, partly offset by
£8.7m of administrative expenses. The vast majority of these administrative
expenses will be funded by the pension scheme from FY26/27 onwards, saving the
Group annual costs of c.£5m. Non-trading items(10) of £6.5m were broadly in
line with FY24/25 and were principally due to advisory costs associated with
the acquisition of Merchant Gourmet and provisions for some organisation
restructuring activity, partly offset by profit on sale of the Charnwood site.
Finance income and costs
Net finance cost (comprising finance cost less finance income) was £18.9m in
FY25/26, £0.9m lower than the prior year. Finance cost was £28.5m, a
reduction of £0.4m, while finance income was £0.5m higher at £9.6m. Net
regular interest(6) reduced by £1.7m to £16.8m, due to an increase in
interest receivable on bank deposits of £1.1m, reflecting higher average
levels of cash held on deposit compared to last year and a lower average
margin on bank and other interest payable. Interest on the Group's Senior
secured notes of £11.6m was, as expected, in line with the prior year. Other
finance income of £2.5m (FY24/25: £3.1m) reflected the discount unwind of
some of the Group's long-term provisions and remeasurement of contingent
consideration associated with acquisitions.
In May 2025, the Group increased available facilities under the RCF to
£282.5m, exercising an accordion option on the facility. In May 2026, the RCF
was again amended, increasing it to £367.5m and extending the maturity to
2031, with the option to extend up to a further two years. The RCF currently
attracts a margin of 1.5% above SONIA and includes a customary commitment fee
on the facility. The Group also entered into a £275m bridge facility which
runs to November 2027, and which was undrawn as at 28 March 2026. This is a
committed facility which provides the Group an option to repay the current
bond as required. Guidance for FY26/27 net regular interest is partly
dependent on the terms of a refinancing, although is unlikely to be lower than
that reported for FY25/26.
Taxation
The taxation charge for the year was £45.3m (FY24/25: £36.4m) which is
broadly in line with the UK corporation tax rate of 25% and reflects the
Group's significant UK operating presence. The Group is able to offset a
proportion of cash tax payable through available brought forward losses. With
the Group no longer paying pension deficit contributions which are allowable
for tax, cash tax payable is expected to be c.£15m in FY26/27.
Earnings per share
£m FY25/26 FY24/25 % change
Operating profit 200.8 181.1 10.9%
Net finance cost (18.9) (19.8) 4.5%
Profit before taxation 181.9 161.3 12.8%
Taxation (45.3) (36.4) (24.4%)
Profit after taxation 136.6 124.9 9.4%
Average shares in issue (million) 872.5 874.4 (0.2%)
Basic Earnings per share (pence) 15.7 14.3 9.8%
The Group reported profit before taxation of £181.9m in FY25/26, a 12.8%
increase on the prior year. Profit after taxation was £136.6m, up £11.7m and
basic earnings per share was 15.7 pence, an increase of 9.8%.
Cash flow
Net debt as at 28 March 2026 was £95.2m, a reduction of £48.4m compared
to the prior year. Net debt/Adjusted EBITDA reduced to 0.4x, reflecting the
strong cash generative attributes of the Group and was also after acquiring
the Merchant Gourmet business during the year.
Trading profit in the year was £200.4m, as described above. Depreciation plus
software amortisation was £26.5m, therefore Adjusted EBITDA(4) was £226.9m,
6.4% higher than FY24/25. Working capital(20) and other items was an outflow
of £5.8m. Slightly higher stock levels were substantially offset by good
control of debtors and creditors while other items included principal element
of lease payments and sale of the Charnwood site. Pension payments were
£5.2m, in line with expectations, and which relate to costs administering the
scheme. From FY26/27, these costs will be funded by the Trustee. Non-trading
items were £2.8m in the year and largely refer to advisory costs associated
with the Merchant Gourmet acquisition.
On a statutory basis, cash generated from operating activities was £186.0m
(FY24/25: £158.1m) after deducting finance costs paid of £25.3m (FY24/25:
£26.6m) and including finance income received of £7.1m (FY24/25: £6.0m).
Taxation paid of £14.4m in the period was an increase of £4.5m compared to
the prior year, reflecting growth in Profit before taxation.
Cash used in investing activities was £96.0m (FY24/25: £41.4m). Capital
investment (which represents purchases of property, plant and equipment and
intangible assets) increased from £41.4m in the prior year to £51.9m in
FY25/26. Additionally, the Group acquired Merchant Gourmet in the year, a
premium, healthy, convenient meals brand for £46.1m (net of cash acquired).
As part of the Group's strategy to invest in manufacturing infrastructure to
unlock margin to invest in driving branded growth, it has a number of
opportunities to invest in the business at attractive returns to both increase
efficiency and automation and facilitate growth through product innovation.
Investment during the year included a solar farm at its cake factory near
Barnsley, South Yorkshire, which will generate up to 70% of the site's power
requirements. The Group also completed a major investment at its Ambrosia site
in Devon, resulting in increased speed and efficiency of its four pots filling
and packing manufacturing line. In FY26/27, the Group expects to increase its
capital investment further, to around £55-60m, which will include projects
such as expanding cooking sauces capacity at its Worksop site, increasing line
and product flexibility at its Mr. Kipling site in Barnsley and investing in
IT upgrades.
Cash used in financing activities was £39.4m in the year (FY24/25: £27.5m),
including a £24.2m dividend payment to shareholders (FY24/25: £14.9m) and
£12.4m purchase of shares to satisfy share awards (FY24/25: £9.9m). As at 28
March 2026, the Group held cash and cash equivalents of £242.1m and its
£282.5m revolving credit facility(18) was undrawn.
Pensions
The Pension scheme has continued to make strong progress, benefiting from
a successful investment strategy for both the RHM and Premier Foods sections
since the segregated merger of the scheme in June 2020.
Furthermore, the RHM and Premier Foods sections of the pension scheme were
legally merged with effect from 29 March 2025 with the scheme investment
strategies being managed as one. Additionally, the dividend match mechanism,
whereby the pension scheme received a proportion of cash whenever a cash
dividend was paid to shareholders, was removed, effective March 2025. The
Group has also agreed with the pension Trustee and the Group's lending banks,
release of security, therefore increasing corporate flexibility.
The triennial valuation of the Scheme, as at 31 March 2025, has now been
completed and confirmed a Scheme surplus. Furthermore, the Scheme continues to
de-risk and is now in a surplus on a buy-in valuation basis. There is the
potential for the generation of a Scheme surplus in due course and in such a
scenario, this would be shared between the Company and the Scheme.
Pensions accounting valuation (£m) 28 March 2026 29 March 2025 Change
Fair value of plan assets 3,064.7 3,212.8 (148.1)
Present value of defined benefit obligation (2,562.9) (2,564.1) 1.2
Surplus 501.8 648.7 (146.9)
The Group's pension scheme was in a surplus of £501.8m as at 28 March 2026, a
decrease of £146.9m compared to the prior year. Fair value of plan assets
fell by £148.1m or 4.6%, while the value of defined benefit obligation
decreased by £1.2m. The reduction in asset values in the year was market
driven and the Scheme also exited some private equity assets as it continued
to de-risk. The applicable discount rate used to value liabilities was higher
at 6.20% (FY24/25: 5.75%) due to moves in corporate bond rates reflecting
Geopolitical developments in early 2026. The RPI inflation rate assumption
used in valuing liabilities was slightly higher at 3.20% (FY24/25: 3.05%).
Administration costs associated with running the pension schemes will now be
funded by the pension Trustee, saving the Group approximately £5m costs per
annum.
Environmental, Social and Governance (ESG)
The Group's 'Enriching Life Plan'(16), encompasses the three strategic pillars
of Product, Planet and People, with good progress reported in FY25/26 against
each of these pillars.
In the Product pillar, revenue from products with a high nutritional
standard(17) increased this year by 16%. Additionally, the Group acquired the
Merchant Gourmet brand during the year, which supports healthy and sustainable
diets and also contributes to improving soil health. The proportion of
packaging which is recyclable, reusable or compostable increased to 97% of the
Group's portfolio by weight. As already referred to above, new boilers were
installed at the Worksop site, improving efficiency and lowering CO(2)
emissions while the installation of a solar farm at the Carlton cake site in
South Yorkshire, which can provide up to 70% of the location's electricity
requirements was completed. Under the People pillar, the Group has again
donated over 1 million meals to support food insecurity and has delivered over
750 volunteering days.
Principal risks and uncertainties
Strong risk management is key to delivery of the Group's strategic objectives.
It has an established risk management process, with the Executive Leadership
Team performing a formal robust assessment of the principal risks bi-annually
which is reviewed by the Board and Audit Committee. Risks are monitored at a
segment and functional level throughout the year considering both internal and
external factors. The Group's principal risks will be disclosed in the
annual report and accounts for the financial period ended 28 March 2026. The
major strategic and operational risks are summarised under the headings of
Climate change, Food safety, Impact of government legislation on our products,
Legal compliance, Macroeconomic and geopolitical instability, Market impacts
on our business, People, Product portfolio, Supply chain interruption and
Technology and cyber.
Alex Whitehouse
Duncan Leggett
Chief Executive Officer
Chief
Financial Officer
Appendices
The Company's Preliminary results are presented for the 52 weeks ended 28
March 2026 and the comparative period, 52 weeks ended 29 March 2025. All
references to the 'year', unless otherwise stated, are for the 52 weeks ended
28 March 2026 and the comparative period, 52 weeks ended 29 March 2025.
All references to the 'quarter', unless otherwise stated, are for the 13 weeks
ended 28 March 2026 and the comparative period, 13 weeks ended 29 March 2025.
Full year and Quarter 4 Revenue
Full year revenue (£m) FY25/26
Statutory revenue Headline revenue(1) Headline revenue Headline revenue
(constant currency) % change at actual rates % change at constant currency
Grocery
Branded 791.3 791.0 2.3% 2.3%
Non-branded 69.1 69.1 (7.3%) (7.3%)
Total 860.4 860.1 1.5% 1.4%
Sweet Treats
Branded 250.7 250.7 7.3% 7.3%
Non-branded 64.4 64.4 (1.0%) (1.0%)
Total 315.1 315.1 5.5% 5.5%
Group
Branded 1,042.0 1,041.7 3.5% 3.4%
Non-branded 133.5 133.5 (4.4%) (4.4%)
Total 1,175.5 1,175.2 2.5% 2.5%
Quarter 4 revenue FY25/26
(£m)
Statutory revenue Headline revenue(1) Headline revenue Headline revenue
(constant currency) % change at actual rates % change at constant currency
Grocery
Branded 207.9 207.6 3.0% 2.9%
Non-branded 16.6 16.6 (3.7%) (3.7%)
Total 224.5 224.2 2.4% 2.2%
Sweet Treats
Branded 66.6 66.6 8.1% 8.1%
Non-branded 7.2 7.2 0.2% 0.2%
Total 73.8 73.8 7.3% 7.3%
Group
Branded 274.5 274.2 4.2% 4.1%
Non-branded 23.8 23.8 (2.5%) (2.5%)
Total 298.3 298.0 3.6% 3.6%
Adjusted EBITDA to Operating profit reconciliation (£m) FY25/26 FY24/25
Adjusted EBITDA(4) 226.9 213.2
Depreciation of property, plant and equipment (20.6) (19.6)
Software amortisation(11) (5.9) (5.8)
Trading profit 200.4 187.8
Amortisation of brand assets (21.0) (20.5)
Fair value movements on foreign exchange & derivative contracts (0.1) 0.3
Net finance income on pensions and administrative expenses 28.0 19.8
Non-trading items:
Restructuring costs (3.4) (1.1)
Other non-trading items (3.1) (5.2)
Operating profit 200.8 181.1
Finance income and costs (£m) FY25/26 FY24/25 Change
Finance costs payable on senior secured notes 11.6 11.6 0.0
Bank debt interest - net(21) 3.1 5.0 1.9
14.7 16.6 1.9
Amortisation of debt issuance costs 2.1 1.9 (0.2)
Net regular interest(6) 16.8 18.5 1.7
Other finance costs payable 3.0 3.0 0.0
Write off of financing costs 1.6 1.4 (0.2)
Other finance income (2.5) (3.1) (0.6)
Net finance cost 18.9 19.8 0.9
Adjusted earnings per share (£m) FY25/26 FY24/25 Change
Trading profit 200.4 187.8 6.7%
Less: Net regular interest(6) (16.8) (18.5) 9.1%
Adjusted profit before taxation 183.6 169.3 8.5%
Less: Notional tax (25%) (45.9) (42.3) 8.5%
Adjusted profit after taxation(7) 137.7 127.0 8.5%
Average shares in issue (millions) 872.5 874.4 (0.2%)
Adjusted earnings per share (pence)(8) 15.8p 14.5p 8.7%
Net debt (£m)
Net debt(12) at 29 March 2025 143.6
Movement in cash (50.6)
Movement in debt issuance costs 1.1
Movement in lease creditor 1.1
Net debt at 28 March 2026 95.2
Adjusted EBITDA 226.9
Net debt / Adjusted EBITDA 0.4x
Free cash flow (£m) FY25/26 FY24/25
Trading profit 200.4 187.8
Depreciation & software amortisation 26.5 25.4
Share based payments 4.7 4.6
Capital investment (51.9) (41.4)
Working capital(20) & other (5.8) (10.0)
Operating cash flow(15) 173.9 166.4
Interest paid(24) (15.6) (16.8)
Contributions to defined benefit pension schemes (5.2) (9.2)
Free cash flow(13) 153.1 140.3
Non-trading items (2.8) (7.7)
Purchase of shares to satisfy share awards (12.4) (9.9)
Re-financing fees (2.6) (3.8)
Taxation paid (14.4) (9.9)
Dividend paid (24.2) (14.9)
Additional employer contributions (dividend match) - (5.0)
Acquisition of subsidiaries, net of cash acquired (46.1) -
Movement in cash 50.6 89.2
Proceeds from borrowings - -
Net increase in cash and cash equivalents 50.6 89.2
Notes and definitions of alternative performance measures
The Company uses a number of alternative performance measures to measure and
assess the financial performance of the business. The directors believe that
these alternative performance measures assist in providing additional useful
information on the underlying trends, performance and position of the Group.
These alternative performance measures are used by the Group for reporting and
planning purposes and it considers them to be helpful indicators for investors
to assist them in assessing the strategic progress of the Group.
1. Headline revenue, including Grocery, UK or International branded
revenue is stated on a constant currency basis to prior year, while the Sweet
Treats and non-branded revenue is not impacted by the foreign currency
movements. The constant currency calculation is made by adjusting the current
year's sales to the same exchange rate as the prior year to give a like for
like comparison. Headline revenue and non-branded revenue excludes Charnwood
in the prior year.
2. The Group uses Trading profit to review overall Group profitability
and is considered by management to be a good measure of underlying
profitability. Trading profit is defined as profit/(loss) before taxation,
before finance cost and finance income, amortisation of brand assets,
non-trading items (see note 10), fair value movements on foreign exchange and
other derivative contracts, net finance income on pensions and administration
expenses. Trading profit margin is calculated by dividing Trading profit by
Headline Revenue at actual rate.
3. Divisional contribution refers to Gross profit less selling,
marketing and distribution costs directly attributable to the relevant
business segment. Divisional contribution margin is calculated by dividing
Divisional contribution by Headline Revenue at actual rate.
4. Adjusted EBITDA is Trading profit as defined in (2) above excluding
depreciation and software amortisation. The Group uses Net debt/Adjusted
EBITDA to measure its level of financial leverage.
5. Adjusted profit before taxation is Trading profit as defined in (2)
above less net regular interest as defined in (6) below.
6. Net regular interest is defined as net finance cost after excluding
write-off of financing costs, other finance costs and other finance income.
7. Adjusted profit after taxation is Adjusted profit before taxation
as defined in (5) above less a notional tax charge of 25.0% (52 weeks ended 29
March 2025: 25.0%).
8. References to Adjusted earnings per share are on a non-diluted
basis and are calculated using Adjusted profit after taxation as defined in
(7) above divided by the weighted average of the number of ordinary shares for
the 52 weeks ended 28 March 2026: 872.5 million (52 weeks ended 29 March 2025:
874.4 million).
9. International sales remove the impact of foreign currency
fluctuations and adjusts prior year sales to ensure comparability in
geographic market destinations. The constant currency calculation is made by
adjusting the current year's sales to the same exchange rate as the prior year
to give a like for like comparison. The constant currency adjustment is
calculated by applying a blended rate. International sales exclude sales to
Republic of Ireland.
£m Reported Adjustment Constant currency
FY25/26 49.9 0.5 50.4
FY24/25 51.3 N/A 51.3
Growth % (2.7%) N/A (1.8%)
10. Non-trading items have been presented separately throughout the
financial statements. These are items that management believes require
separate disclosure by virtue of their nature in order that the users of the
financial statements obtain a clear and consistent view of the Group's
underlying trading performance. In identifying non-trading items, management
have applied judgement including whether i) the item is related to underlying
trading of the Group; and/or ii) how often the item is expected to occur.
11. Software amortisation is the annual charge related to the
amortisation of the Group's software assets during the period.
12. Net debt is defined as total borrowings (being current and
non-current lease liabilities, short-term and long-term borrowings, net of
transaction costs (presented as "non-current other assets" in FY25/26), less
cash and cash equivalents.
13. Free cash flow is net increase in cash and cash equivalents excluding
proceeds from borrowings, less dividend paid, additional employer
contributions, re-financing fees, purchase of shares to satisfy share awards,
taxation paid, acquisitions of subsidiaries net of cash acquired and
non-trading items.
14. Circana, 52 weeks ended 28 March 2026.
15. Operating cash flow is Free cash flow as defined in (13) excluding
interest paid and contributions to defined benefit pension schemes.
16. Further details of progress on the Group's Enriching Life Plan will
be provided in the forthcoming publication of the 2026 Annual Report.
17. Defined as scoring less than 4 on UK Government's Nutrient Profiling
Model
18. The Revolving Credit Facility attracts a margin on a ratchet grid
according to latest reported Net debt/EBITDA
19. Circana, 52 weeks ended 22 February 2026
20. Working capital is the cash movement from the opening to closing
balance sheet position for inventory, trade and other receivables, trade and
other payables and provisions; it also includes outflows related to the
principal element of leases and is adjusted to exclude non-cash movements in
non-trading items.
21. Bank debt interest - net represents finance costs payable on bank
loans and overdrafts minus finance income receivable on bank deposits.
22. Interest paid is Finance costs paid less Finance Income Received less
cash re-financing fees.
23. Throughout this report references to the 'year' refer to the Group's
52 week financial period.
Additional notes:
· The directors believe that users of the financial statements are
most interested in underlying trading performance and cash generation of the
Group. As such intangible brand asset amortisation is excluded from Trading
profit because it is a non-cash item.
· Group & corporate costs refer to group and corporate expenses
which are not directly attributable to a reported segment and are disclosed at
total Group level.
· In line with Accounting Principles, the International operating
segment, the results of which are aggregated within the Grocery reported
segment, are not required to be separately disclosed for reporting purposes.
Alternative Performance Measures (APM) Glossary
APM Statutory equivalent Definition & purpose
Headline Revenue Revenue Revenue excluding the impact of disposed businesses e.g. Charnwood, which
distort year on year comparability
Presented at constant currency rates
-
Headline Branded Revenue No direct equivalent Revenue excluding products not depicting a brand
Presented at constant currency rates
-
Divisional contribution No direct equivalent Gross Profit less selling, distribution and marketing expenses directly
attributable to the relevant business segment
Gives users of the financial statements a consistent view of the underlying
trading performance of the business (and segments within) excluding group and
corporate costs.
-
Trading profit Operating profit Key measure of Group profitability
Trading profit is Profit before taxation presented before adjusting items as
defined in the notes and definitions
Is presented at a Group level
Is a major KPI for management incentive purposes
-
Net regular interest Net finance costs Net regular interest is adjusted for one-offs, write-offs and other finance
cost or income
Assists in providing a comparable year on year understanding of interest
costs.
-
Adjusted profit before taxation Profit before taxation A measure which deducts Net regular interest from Trading profit
-
Adjusted profit after taxation Profit after taxation A measure which deducts a notional rate of taxation from Adjusted profit
before taxation
-
Adjusted earnings per share Basic earnings per share A measure which divides Adjusted profit after taxation by the number of
weighted average shares in issuance
-
Adjusted EBITDA (earnings before interest, taxation, depreciation and Operating profit A profitability measure widely used by investors and analysts and used to
amortisation) compare different companies, often in conjunction with other measures such as
Net debt and Enterprise Value.
Net debt/Adjusted EBITDA No direct equivalent A measure widely used by investors, analysts and credit ratings agencies to
assess ability of a Company to repay indebtedness. Uses 12-month rolling
EBITDA
Consolidated statement of profit or loss
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
Note £m £m
Revenue 3 1,175.5 1,149.0
Cost of sales (720.6) (709.7)
Gross profit 454.9 439.3
Selling, marketing and distribution costs (175.8) (174.5)
Administrative costs (78.3) (83.7)
Operating profit 3 200.8 181.1
Finance cost 4 (28.5) (28.9)
Finance income 4 9.6 9.1
Profit before taxation 181.9 161.3
Taxation 5 (45.3) (36.4)
Profit for the period attributable to owners of the parent 136.6 124.9
Earnings per share (pence)
Basic 6 15.7 14.3
Diluted 6 15.5 14.1
Consolidated statement of comprehensive income
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
Note £m £m
Profit for the period 136.6 124.9
Other comprehensive (expense) / income, net of tax
Items that will never be reclassified to profit or loss
Remeasurements of defined benefit schemes 7 (180.6) 13.6
Deferred tax credit / (charge) on pensions movements 5 45.0 (4.0)
Current tax credit on pension movements 5 - 0.4
Items that are or may be reclassified subsequently to profit or loss
Exchange differences on translation 0.6 (0.4)
Other comprehensive (expense) / income, net of tax (135.0) 9.6
Total comprehensive income attributable to owners of the parent 1.6 134.5
Consolidated balance sheet
As at As at
28 March 2026 29 March 2025
Note £m £m
ASSETS:
Non-current assets
Property, plant and equipment 228.4 204.3
Goodwill 736.3 702.7
Other intangible assets 270.3 271.2
Deferred tax assets 5 11.1 16.7
Net retirement benefit assets 7 501.8 648.7
Other assets 1.9 -
1,749.8 1,843.6
Current assets
Inventories 117.8 101.5
Trade and other receivables 114.7 115.0
Cash and cash equivalents 8 242.1 191.5
Derivative financial instruments - 0.1
474.6 408.1
Total assets 2,224.4 2,251.7
LIABILITIES:
Current liabilities
Trade and other payables (273.9) (260.1)
Financial liabilities
- derivative financial instruments 9 (0.6) (0.6)
Lease liabilities (2.0) (1.9)
Provisions for liabilities and charges (8.1) (6.7)
Short-term borrowings (328.2) -
Other liabilities (19.7) (1.0)
(632.5) (270.3)
Non-current liabilities
Long-term borrowings 10 - (325.2)
Lease liabilities (9.0) (8.0)
Provisions for liabilities and charges (7.5) (7.3)
Deferred tax liabilities 5 (164.5) (178.3)
Other liabilities (0.8) (20.6)
(181.8) (539.4)
Total liabilities (814.3) (809.7)
Net assets 1,410.1 1,442.0
EQUITY:
Capital and reserves
Share capital 86.9 86.9
Share premium 2.7 2.7
Merger reserve 351.7 351.7
Other reserves (9.3) (9.3)
Retained earnings 978.1 1,010.0
Total equity 1,410.1 1,442.0
Consolidated statement of cash flows
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
Note £m £m
Cash generated from operations 8 218.6 188.6
Finance cost paid¹ (25.3) (26.6)
Finance income received 7.1 6.0
Taxation paid (14.4) (9.9)
Cash generated from operating activities 186.0 158.1
Acquisition of subsidiaries, net of cash acquired (46.1) -
Purchases of property, plant and equipment (40.6) (33.5)
Purchases of intangible assets (11.3) (7.9)
Sale of property, plant and equipment 2.0 -
Cash used in investing activities (96.0) (41.4)
Principal element of lease payments (2.8) (2.7)
Dividends paid 11 (24.2) (14.9)
Purchase of shares to satisfy share awards (12.4) (9.9)
Cash used in financing activities (39.4) (27.5)
Net increase in cash and cash equivalents 50.6 89.2
Cash and cash equivalents at beginning of period 191.5 102.3
Cash and cash equivalents at end of period 8 242.1 191.5
¹ Payments in the current period include £2.6m (2025: £3.8m) of costs
related to the refinancing of borrowing facilities. See note 10 for further
details.
Consolidated statement of changes in equity
Note Share capital Share premium Merger reserve Other reserves Retained earnings(1) Total equity
£m £m £m £m £m £m
At 31 March 2024 86.9 2.7 351.7 (9.3) 894.9 1,326.9
Profit for the period - - - - 124.9 124.9
Remeasurements of defined benefit schemes 7 - - - - 13.6 13.6
Deferred tax charge 5 - - - - (4.0) (4.0)
Current tax credit 5 - - - - 0.4 0.4
Exchange differences on translation - - - - (0.4) (0.4)
Other comprehensive income - - - - 9.6 9.6
Total comprehensive income - - - - 134.5 134.5
Share-based payments - - - - 4.6 4.6
Purchase of shares to satisfy share awards - - - - (9.9) (9.9)
Deferred tax movements on share-based payments 5 - - - - 0.8 0.8
Dividends 11 - - - - (14.9) (14.9)
At 29 March 2025 86.9 2.7 351.7 (9.3) 1,010.0 1,442.0
At 30 March 2025 86.9 2.7 351.7 (9.3) 1,010.0 1,442.0
Profit for the period - - - - 136.6 136.6
Remeasurements of defined benefit schemes 7 - - - - (180.6) (180.6)
Deferred tax credit 5 - - - - 45.0 45.0
Exchange differences on translation - - - - 0.6 0.6
Other comprehensive expense - - - - (135.0) (135.0)
Total comprehensive income - - - - 1.6 1.6
Share-based payments - - - - 4.7 4.7
Purchase of shares to satisfy share awards - - - - (12.4) (12.4)
Deferred tax movements on share-based payments 5 - - - - (1.6) (1.6)
Dividends 11 - - - - (24.2) (24.2)
At 28 March 2026 86.9 2.7 351.7 (9.3) 978.1 1,410.1
(¹Included in Retained earnings at 28 March 2026 is £3.7m in relation to
cumulative translation losses (2025: £4.3m loss, 2024: £3.9m loss). )
1. General Information
The financial information included in this preliminary announcement does not
constitute the Company's statutory accounts for the 52 weeks ended 28 March
2026 and for the 52 weeks ended 29 March 2025 but is derived from those
accounts. Statutory accounts for the 52 weeks ended 29 March 2025 have been
delivered to the registrar of companies, and those for 52 weeks ended 28 March
2026 will be delivered in due course. The auditor has reported on those
accounts; their reports were (i) unqualified, (ii) did not include a reference
to any matters to which the auditor drew attention to by way of emphasis
without qualifying their report, and (iii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006.
The consolidated financial statements of the Company have been prepared in
accordance with UK-adopted international accounting standards
Basis for preparation of financial statements on a going concern basis
The Group's revolving credit facility includes net debt / EBITDA and EBITDA /
interest covenants as detailed in note 10. In the event these covenants are
not met then the Group would be in breach of its financing agreement and, as
would be the case in any covenant breach, the banking syndicate could withdraw
funding to the Group. The Group was compliant with its covenant tests as at 27
September 2025 and 28 March 2026.
Having undertaken a robust assessment of the Group's forecasts with specific
consideration to the trading performance of the Group, cashflows and covenant
compliance, the directors have a reasonable expectation that the Group is able
to operate within the level of its current facilities, meet the required
covenant tests and has adequate resources to continue in operational existence
for at least 12 months from the date of approval of these financial
statements. Determining the appropriate assessment period is a matter of
judgement for the directors and 12 months from the approval of these financial
statements is considered appropriate given the fast-moving nature of the
business. The Group therefore continues to adopt the going concern basis in
preparing its financial information for the reasons set out below.
At 28 March 2026 the Group had total assets less current liabilities of
£1,591.9m (2025: £1,981.4m), net current liabilities of £157.9m (2025: net
current assets £137.8m) and net assets of £1,410.1m (2025: £1,442.0m). The
movement from net current assets in 2025 to net current liabilities in 2026
reflects the October 2026 £330m bond repayment falling within the current
liability period. Liquidity at 28 March 2026 was £536.6m, made up of cash and
cash equivalents and overdrafts, and undrawn committed credit facilities of
£282.5m expiring in July 2029. The Group has a £275m committed bridge
facility that expires November 2027 subject to being drawn by October 2026. In
May 2026, the Group announced it had amended and extended the revolving credit
facility (RCF) agreement for a period of five years with the option of
extending for up to two additional years. This amended senior unsecured RCF is
a committed facility of £367.5m with an interest margin grid broadly in line
with the previous RCF, undrawn elements of the RCF will continue to attract
interest equivalent to 35% of the applicable margin.
At the time of the approval of this report, the cash and liquidity position of
the group has not changed significantly. Further details of the financing
arrangements are included in note 10.
The directors have rigorously reviewed all key risk assumptions in their Going
Concern assessment considering both internal and external factors. Applying
judgement, climate change, risk of cyber-attack, the retail market and a total
loss at site scenario are the assumptions modelled by the directors in the
severe but plausible downside case impacting future financial performance,
cash flows and covenant compliance, that cover a period of at least 12 months
from the date of approval of the financial statements.
The downside case is deemed severe but plausible, having an adverse impact on
revenue, margin and cash flow. Should circumstances mean there is further
downside, whilst not deemed plausible, the directors, in response have
identified mitigating actions within their control, that would reduce costs,
optimising cashflow and liquidity. Amongst these are the following actions:
reducing capital expenditure, reducing marketing spend and delaying or
cancelling discretionary spend. The directors have assumed no significant
structural changes to the business will be needed in any of the assumptions
modelled. None of the assumptions modelled are sufficiently material to
prevent the Group from continuing as a going concern.
The directors, after reviewing financial forecasts and financing arrangements,
have a reasonable expectation that the Group has adequate resources to
continue to meet its liabilities as they fall due for at least 12 months from
the date of approval of this report. Accordingly, the directors are satisfied
that it is appropriate to continue to adopt the going concern basis (in
accordance with the guidance 'Guidance on the Going Concern Basis of
Accounting and Related Reporting' issued by the FRC) in preparing its
consolidated financial information.
Climate change
The Group has considered the impact of both physical and transitional climate
change risks on the financial statements of the Group, the Group does not
consider there to be a material impact on the valuation of the Group's assets
or liabilities, including useful economic life of property, plant and
equipment, or on any material accounting estimates or judgements. The Group
will continue to monitor the impact on valuations of assets and liabilities as
government policy evolves and our modelling in this area moves forward.
The impact of climate change has been considered in the projected cash flows
used for impairment testing.
2. Material estimates and judgements
The following are areas of particular significance to the Group's financial
statements and may include the use of estimates. Results may differ from
actual amounts.
Material accounting estimates
The following are considered to be the key estimates within the financial
statements:
2.1 Employee benefits
The present value of the Group's defined benefit pension obligations depends
on a number of actuarial assumptions. The primary assumptions used include the
discount rate applicable to scheme liabilities, the long-term rate of
inflation and estimates of the mortality applicable to scheme members. Each of
the underlying assumptions is set out in more detail in note 7.
At each reporting date, and on a continuous basis, the Group reviews the
macro-economic, Company and scheme-specific factors influencing each of these
assumptions, using professional advice, in order to record the Group's ongoing
commitment and obligation to defined benefit schemes in accordance with IAS 19
(Revised).
Plan assets of the defined benefit schemes include a number of assets for
which quoted prices are not available. At each reporting date, the Group
determines the fair value of these assets with reference to most recently
available asset statements from fund managers.
Where pensions asset valuations were not available at the reporting date, as
is usual practice, valuations at 31 December 2025 are rolled forward for cash
movements to the end of March 2026 to estimate the valuations for these
assets. This approach is principally relevant for Private equity, Property
assets, Illiquid credits and Global credits. Management have reviewed the
individual investments, disclosed the value asset where a lagged valuation is
reported with a sensitivity and making clear that these valuations are subject
to estimation uncertainty.
2.2 Goodwill
Impairment reviews in respect of intangible assets are performed when an event
indicates that an impairment review is necessary, except in respect of
goodwill where an annual impairment assessment is performed in accordance with
IAS 36. Examples of such triggering events include a significant planned
restructuring, a major change in market conditions or technology, expectations
of future operating losses, or a material reduction in cash flows. In
performing its impairment analysis, the Group takes into consideration these
indicators including the difference between its market capitalisation and net
assets.
The Group has considered the impact of the assumptions used on the
calculations and has conducted sensitivity analysis on the value in use
calculations of the CGUs carrying values for the purposes of testing goodwill.
2.3 Commercial arrangements
Sales rebates and discounts are accrued on each relevant promotion or customer
agreement and are charged to the statement of profit or loss at the time of
the relevant promotional buy-in as a deduction from Revenue. Accruals for each
individual promotion or rebate arrangement are based on the type and length of
promotion and nature of customer agreement. At the time an accrual is made,
the nature, funding level and timing of the promotion is typically known.
Areas of estimation are sales volume / activity, phasing and the amount of
product sold on promotion.
For short-term promotions, the Group performs a true up of estimates where
necessary on a monthly basis, using real-time customer sales information where
possible and finally on receipt of a customer claim, which typically follows
one to two months after the end of a promotion. For longer-term discounts and
rebates the Group uses actual and forecast sales to estimate the level of
rebate. These accruals are updated monthly based on latest actual and forecast
sales. If the Commercial accruals balance moved by 5.0% in either direction,
this would have an impact of £3.2m (2025: £3.6m)
2.4 Estimated values of acquired intangible assets on acquisitions
During the year, the Group completed the acquisition of Merchant Gourmet
Limited. Acquired brands that are controlled through custody or legal rights
and that could be sold separately from the rest of the business are
capitalised, where fair value can be reliably measured. On acquisition, an
intangible asset relating to the brand is recognised as a fair value
adjustment to the opening balance sheet. The brand asset is valued using a
relief from royalty approach. The key assumptions underpinning the brand asset
valuation are the Revenue projections, discount rates and royalty rates.
Applying different assumptions could result in a different brand intangible
asset and a corresponding increase or decrease in the value of the residual
goodwill recognised.
Judgements
The following are considered to be the key judgements within the financial
statements:
2.5 Non-trading items
Non-trading items have been presented separately throughout the financial
statements. These are items that management believes require separate
disclosure by virtue of their nature and magnitude in order that the users of
the financial statements obtain a clear and consistent view of the Group's
underlying Trading performance. In identifying non-trading items, management
have applied judgement including whether i) the item is related to underlying
Trading of the Group, ii) if the item is nonrecurring and iii) the quantum of
the item.
3. Segmental analysis
IFRS 8 requires operating segments to be determined based on the Group's
internal reporting to the Chief Operating Decision Maker ('CODM'). The CODM
has been determined to be the Executive Leadership Team as it is primarily
responsible for the allocation of resources to segments and the assessment of
performance of the segments.
The Group's operating segments are defined as 'Grocery', 'Sweet Treats', and
'International'. The CODM reviews the performance by operating segment. The
Grocery segment primarily sells savoury ambient food products, and the Sweet
Treats segment sells primarily sweet ambient food products. The International
segment has been aggregated within the Grocery segment for reporting purposes
as Revenue is below 10.0% of the Group's total Revenue and the segment is
considered to have similar characteristics to that of Grocery as identified in
IFRS 8. There has been no change to the reported segments during the year.
The CODM uses Divisional contribution as the key measure of the segments'
results. Divisional contribution is defined as Gross profit after selling,
marketing and distribution costs. Divisional contribution is a consistent
measure within the Group and reflects the segments' underlying Trading
performance for the period under evaluation. Gross profit is used as part of
the Group segment performance reviews, whilst this is material in the context
of the financial statements, the Gross profit split between segments is
broadly proportionate to that of Divisional contribution. As a result, Gross
profit presented by segment would not influence the decisions of the financial
statement users.
The Group uses Trading profit to review overall Group profitability. Trading
profit is defined as Profit before taxation, before Finance costs, Finance
income, Amortisation of brand assets, Fair value movements on foreign exchange
and other derivative contracts, Net finance income on pensions and
administrative expenses, and any non-trading items that require separate
disclosure by virtue of their nature in order that users of the financial
statements obtain a clear and consistent view of the Group's underlying
Trading performance.
Revenues in the period ended 28 March 2026, from the Group's four principal
customers, which individually represent over 10.0% of total Group Revenue, are
£324.1m, £147.7m, £143.2m and £119.2m (2025: £308.3m, £155.7m, £133.3m
and £113.5m). These Revenues relate to both the Grocery and Sweet Treats
reportable segments.
The segment results for the period ended 28 March 2026, for the period ended
29 March 2025 and the reconciliation of the segment measures to the respective
statutory items included in the consolidated financial statements are as
follows:
52 weeks ended 28 March 2026 52 weeks end 29 March 2025
Grocery Sweet Total Grocery Sweet Total
Treats
Treats
£m £m £m £m £m £m
External revenues 860.4 315.1 1,175.5 850.2 298.8 1,149.0
Divisional contribution 237.3 41.8 279.1 229.4 35.4 264.8
Group and corporate costs (78.7) (77.0)
Trading profit 200.4 187.8
Amortisation of brand assets (21.0) (20.5)
Fair value movements on foreign exchange (0.1) 0.3
Net finance income on pensions and administrative expenses 28.0 19.8
Non-trading items:
- Restructuring costs¹ (3.4) (1.1)
- Other non-trading items² (3.1) (5.2)
Operating profit 200.8 181.1
Finance cost (28.5) (28.9)
Finance income 9.6 9.1
Profit before taxation 181.9 161.3
¹Restructuring costs in the current period relates to group-wide
organisational changes to support the Group's strategic and operational
requirements. Restructuring costs in the prior period relate primarily to
organisational changes to support a new planning system implementation.
²Other non-trading items in the current period primarily relate to Merchant
Gourmet acquisition costs and the profit on sale of the Charnwood site. Other
non-trading items in the prior period primarily relate to the closure of the
Knighton and Charnwood site.
Inter-segment transfers or transactions are entered into under the same terms
and conditions that would be available to unrelated third parties.
The Group primarily supplies the UK market, although it also supplies certain
products to other countries in Europe and the rest of the world. The following
table provides an analysis of the Group's Revenue, which is allocated on the
basis of geographical market destination, and an analysis of the Group's
non-current assets by geographical location.
Revenue
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
United Kingdom 1,096.1 1,071.8
Other Europe 36.9 32.9
Rest of world 42.5 44.3
Total 1,175.5 1,149.0
Non-current assets
As at As at
28 March 2026 29 March 2025
£m £m
United Kingdom 1,235.0 1,178.2
Non-current assets exclude deferred tax assets, net retirement benefit assets
and other non-current assets.
4. Finance income and costs
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Finance costs payable on bank loans and overdrafts (10.2) (11.0)
Finance costs payable on senior secured notes (11.6) (11.6)
Other finance costs payable(1) (3.0) (3.0)
Amortisation of debt issuance costs (2.1) (1.9)
Write off of financing costs(2) (1.6) (1.4)
Total finance cost (28.5) (28.9)
Finance income receivable on bank deposits 7.1 6.0
Other finance income(3) 2.5 3.1
Total finance income 9.6 9.1
Net finance cost (18.9) (19.8)
(1)Included in other finance costs payable is £0.6m charge (2025: £0.7m
charge) relating to non-cash finance costs on lease liabilities under IFRS 16
and £2.4m (2025: £2.3m) relating to the unwind of the Group's long-term
provisions.
(2)Write off of financing costs in the current and prior period relate to the
refinancing of borrowing facilities.
(3) Other finance income includes both the unwind of discount of the Group's
long terms provisions and remeasurement of contingent consideration related to
Group acquisitions.
5. Taxation
Current tax
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Current tax
- Current period (15.7) (10.0)
- Prior periods 2.1 1.5
Deferred tax
- Current period (32.7) (29.5)
- Prior periods 1.0 1.6
Income tax charge (45.3) (36.4)
Tax relating to items recorded in other comprehensive (expense) / income
included:
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Corporation tax credit on pension movements - 0.4
Deferred tax credit / (charge) on pension movements 45.0 (4.0)
45.0 (3.6)
The applicable rate of corporation tax for the period is 25.0%. The UK
deferred taxes at 28 March 2026 and 29 March 2025 have been measured using
this enacted rate.
The tax charge for the period differs from the standard rate of corporation
tax in the United Kingdom of 25.0% (2025: 25.0%). The reasons for this are
explained below:
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Profit before taxation 181.9 161.3
Tax charge at the domestic income tax rate of 25.0% (2025: 25.0%) (45.5) (40.3)
Tax effect of:
Non-taxable items (2.6) (1.4)
Losses not previously recognised - 2.2
Acquisition of Merchant Gourmet Limited (0.3) -
Adjustments to prior periods 3.1 3.1
Income tax charge (45.3) (36.4)
Losses of £nil have been recognised (movement between unrecognised and
recognised) for the 52 weeks ended 28 March 2026. In the prior year £2.2m
was recognised. Corporation tax losses are not recognised where future
recoverability is uncertain.
The adjustments to prior periods of £3.1m (2025: £3.1m) relates primarily to
the changes in prior period capital allowances, utilisation of losses and RDEC
(Research and Development expenditure credit) following verifications in
submitted returns.
The Group is in scope of the Pillar Two legislation and has performed an
assessment of the Group's potential exposure to Pillar Two income taxes. The
assessment of the potential exposure to Pillar Two income taxes is based on
the most recent country-by-country reporting prepared for the Group and based
on this assessment, the Group will not have any material potential exposure
to Pillar Two top-up taxes.
Deferred tax
Deferred tax is calculated in full on temporary differences using the tax rate
appropriate to the jurisdiction in which the asset / (liability) arises and
the tax rates that are expected to apply in the periods in which the asset or
liability is settled.
£m
At 31 March 2024 (130.5)
Charged to the statement of profit or loss (27.9)
Charged to other comprehensive income (4.0)
Credited to equity 0.8
At 29 March 2025 (161.6)
At 30 March 2025 (161.6)
Business combinations (3.5)
Charged to the statement of profit or loss (31.7)
Credited to other comprehensive income 45.0
Charged to equity (1.6)
At 28 March 2026 (153.4)
The Group has not recognised £nil of deferred tax assets (2025: £0.3m not
recognised) relating to international corporation tax losses as future
recoverability is considered uncertain. In addition, the Group has not
recognised a tax asset of £67.8m (2025: £67.8m) relating to Advanced
Corporation Tax ('ACT') and £75.9m (2025: £75.8m) relating to capital
losses. Under current legislation these can generally be carried forward
indefinitely.
Deferred tax liabilities Intangibles Retirement benefit obligation Leases Other Total
£m £m £m £m £m
At 31 March 2024 (70.2) (147.3) (0.4) (0.3) (218.2)
Current period credit/(charge) 1.6 (8.0) - - (6.4)
Charged to other comprehensive income - (4.0) - - (4.0)
At 29 March 2025 (68.6) (159.3) (0.4) (0.3) (228.6)
At 30 March 2025 (68.6) (159.3) (0.4) (0.3) (228.6)
Acquisition of Merchant Gourmet Limited (3.5) - - - (3.5)
Current period credit/(charge) 1.7 (8.2) - - (6.5)
Credited to other comprehensive income - 45.0 - - 45.0
At 28 March 2026 (70.4) (122.5) (0.4) (0.3) (193.6)
Deferred tax assets Accelerated tax depreciation Share-based payments Losses Other Total
£m £m £m £m £m
At 31 March 2024 29.0 6.5 50.4 1.8 87.7
Current period (charge) / credit (14.7) 0.3 (8.4) (0.3) (23.1)
Prior period (charge) / credit:
- To statement of profit or loss (0.6) - 2.2 - 1.6
- To equity - 0.8 - - 0.8
At 29 March 2025 13.7 7.6 44.2 1.5 67.0
At 30 March 2025 13.7 7.6 44.2 1.5 67.0
Current period (charge) / credit: (10.5) 0.5 (16.3) 0.1 (26.2)
Charged to equity - (1.6) - - (1.6)
Prior period credit / (charge):
- To statement of profit or loss 0.1 - 1.1 (0.2) 1.0
At 28 March 2026 3.3 6.5 29.0 1.4 40.2
Deferred tax asset on losses £m
As at 28 March 2026 11.1
As at 29 March 2025 16.7
Net deferred tax liability £m
As at 28 March 2026 (164.5)
As at 29 March 2025 (178.3)
Where there is a legal right of offset and an intention to settle as such,
deferred tax assets and liabilities may be presented on a net basis. This is
the case for most of the Group's deferred tax balances except non-trading and
streamed losses of £11.1m (2025: £16.7m). The remainder of deferred tax
assets have, therefore, been offset in the tables above. Substantial elements
of the Group's deferred tax assets and liabilities, primarily relating to the
defined benefit pension obligation, are greater than one year in nature.
6. Earnings per share
Basic earnings per share has been calculated by dividing the profit
attributable to owners of the parent of £136.6m (2025: £124.9m profit) by
the weighted average number of ordinary shares of the Company.
Weighted average shares
2026 2025
Number (m) Number (m)
Weighted average number of ordinary shares for the purpose of basic earnings 872.5 874.4
per share
Effect of dilutive potential ordinary shares:
- Share options 9.7 10.8
Weighted average number of ordinary shares for the purpose of diluted earnings 882.2 885.2
per share
Contingently issuable shares are included in the calculation for the weighted
average number of ordinary shares used for basic earnings per share.
Earnings per share calculation
52 weeks ended 28 March 2026 52 weeks ended 29 March 2025
Basic Dilutive effect of share options Diluted Basic Dilutive effect of share options Diluted
Profit after tax (£m) 136.6 136.6 124.9 124.9
Weighted average number of shares (m) 872.5 9.7 882.2 874.4 10.8 885.2
Earnings per share (pence) 15.7 (0.2) 15.5 14.3 (0.2) 14.1
Dilutive effect of share options
The dilutive effect of share options is calculated by adjusting the weighted
average number of ordinary shares outstanding to assume conversion of all
dilutive potential ordinary shares. The only dilutive potential ordinary
shares of the Company are share options and share awards. A calculation is
performed to determine the number of shares that could have been acquired at
fair value (determined as the average annual market share price of the
Company's shares) based on the monetary value of the share awards and the
subscription rights attached to the outstanding share options.
No adjustment is made to the profit or loss in calculating basic and diluted
earnings per share.
Adjusted earnings per share ('Adjusted EPS')
Adjusted earnings per share is defined as Trading profit less net regular
interest, less a notional tax charge at 25.0% (2025: 25.0%) divided by the
weighted average number of ordinary shares of the Company.
Net regular interest is defined as net finance cost after excluding other
finance cost, write-off of financing costs and other finance income.
Trading profit and Adjusted EPS have been reported as the directors believe
these assist in providing additional useful information on the underlying
trends, performance and position of the Group.
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Trading profit (note 3) 200.4 187.8
Less net regular interest (16.8) (18.5)
Adjusted profit before taxation 183.6 169.3
Notional tax at 25.0% (2025: 25.0%) (45.9) (42.3)
Adjusted profit after taxation 137.7 127.0
Average shares in issue (m) 872.5 874.4
Adjusted basic EPS (pence) 15.8 14.5
Dilutive effect of share options (0.2) (0.2)
Adjusted dilutive EPS (pence) 15.6 14.3
Net regular interest
Net finance cost (18.9) (19.8)
Exclude other finance cost payable 3.0 3.0
Exclude write-off of financing costs 1.6 1.4
Exclude other finance income (2.5) (3.1)
Net regular interest (16.8) (18.5)
7. Retirement benefit schemes
Defined benefit schemes
The Group operates a number of defined benefit schemes under which current and
former employees have built up an entitlement to pension benefits on their
retirement. These are as follows:
· The RHM Pension Scheme
· Premier Grocery Products Ireland Limited Pension Scheme
('PGPIPS')
· Premier Foods Ireland Pension Scheme
· Chivers 1987 Pension Scheme
The Premier Foods Pension Scheme and the Premier Grocery Products Pension
Scheme were merged with the RHM Pension Scheme in 2020 on a "segregated" basis
as three sections in the RHM Pension Scheme - the RHM Section, the Premier
Foods Section and the Premier Grocery Products Section - each with its own
separate pool of assets and its own liabilities. With effect from 29 March
2025, the RHM Pension Scheme was "desegregated" with the liabilities of all
three sections to be paid from a single pool of assets (the
'desegregation').
The triennial valuation at 31 March 2025 for the RHM Pension Scheme has been
agreed and therefore is the basis for the 28(th) March 2026 calculations.
The exchange rates used to translate the overseas euro-based schemes are
£1.00 = €1.1547 (2025: £1.00 = €1.1903 for the average rate during the
period, and £1.00 = €1.1538 (2025: £1.00 = €1.1956) for the closing
position at period-end.
All defined benefit schemes are held separately from the Company under Trusts.
Trustees are appointed to operate the schemes in accordance with their
respective governing documents and pensions law. The schemes meet the legal
requirement for member nominated trustees' representation on the trustee
boards. Trustee directors undertake regular training and development to ensure
that they are equipped appropriately to carry out the role. In addition, each
trustee board has appointed professional advisors to give them the specialist
expertise they need to support them in the areas of investment, funding,
legal, covenant and administration.
The trustee board generally meet at least four times a year to conduct their
business. To support these meetings, certain aspects of the schemes' operation
are delegated to give specialist focus (e.g. investment, administration and
compliance) to committees for which further meetings are held as appropriate
throughout the year. These committees regularly report to the full trustee
boards.
The schemes invest through investment managers appointed by the trustees in a
broad range of assets to support the security and funding of their pension
obligations. Asset classes used include Government bonds, Private equity,
Absolute return products, Swaps, Infrastructure, Illiquid credits and Global
credits.
The scheme assets do not include any of the Group's own financial instruments,
nor any property occupied by, or other assets used by, the Group.
The schemes incorporate a Liability Driven Investment (LDI) strategy to more
closely match the assets with changes in value of liabilities. The RHM Pension
Scheme uses assets including interest rate and inflation swaps, index-linked
bonds and infrastructure in its LDI strategy.
In setting the investment strategy, the primary concern for the trustee of the
RHM Pension Scheme is to act in the best financial interests of all
beneficiaries, seeking the best return that is consistent with a prudent and
appropriate level of risk. This includes the risk that environmental, social
and governance factors, including climate change, negatively impact the value
of investments held if not understood and evaluated properly. The trustee
considers this risk by taking advice from its investment advisors when
choosing asset classes, selecting managers, and monitoring performance.
The main risks to which the Group is exposed in relation to the funded pension
schemes are as follows:
· Liquidity risk -The RHM Pension Scheme is currently in surplus,
but subsequent valuations could reveal a deficit. As such, this could have an
adverse impact on the financial position of the Group. The Group continues to
monitor the pension risks closely working with the trustees to ensure a
collaborative approach.
· Mortality risk - the assumptions adopted make allowance for
future improvements in life expectancy. However, if life expectancy improves
at a faster rate than assumed, this would result in greater payments from the
schemes and consequently, increases in the schemes liabilities. The trustees
review the mortality assumption on a regular basis to minimise the risk of
using an inappropriate assumption.
· Yield risk - a fall in government bond yields will increase the
schemes liabilities and certain of the assets. However, the liabilities may
grow by more in monetary terms, thus increasing the deficit in the scheme.
· Inflation risk - the majority of the schemes liabilities increase
in line with inflation and so if inflation is greater than expected, the
liabilities will increase.
· Investment risk - the risk that investments do not perform in
line with expectations.
The exposure to the yield and inflation risks described above can be hedged by
investing in assets that move in the same direction as the liabilities in the
event of a fall in yields, or a rise in inflation. The RHM Pension Scheme as a
whole invests directly in interest rate and inflation swaps to protect from
fluctuations in interest rates and inflation and so has largely hedged
inflation and interest rate exposure to the extent of its funding level.
The liabilities of the schemes are approximately 30.0% in respect of former
active members who have yet to retire and approximately 70.0% in respect of
pensioner members already in receipt of benefits.
The weighted average duration of the pension liabilities in the RHM Pension
Scheme is 10.0 years.
All pension schemes are closed to future accrual.
At the balance sheet date, the combined principal accounting valuation
assumptions were as follows:
As at 28 March 2026 As at 29 March 2025
Discount rate 6.20% 5.75%
Inflation - RPI 3.20% 3.05%
Inflation - CPI 2.80% 2.65%
Future pension increases
- RPI (min 0.0% and max 5.0%) 3.00% 2.80%
- CPI (min 3.0% and max 5.0%) 3.55% 3.50%
For the smaller overseas schemes, the discount rate used was 4.3% (2025: 3.7%)
and future pension increases were 2.1% (2025: 1.8%).
At 28 March 2026 and 29 March 2025, the discount rate was derived based on a
bond yield curve expanded to also include bonds rated AA by one credit agency
(and which might, for example, be rated A or AAA by other agencies).
The Group continued to set RPI inflation in line with the market break-even
expectations less an inflation risk premium. The inflation risk premium of
0.3% (2025: 0.3%), reflects an allowance for additional market distortions
caused by the RPI reform proposals.
The Group has set the CPI assumption by assuming it is 0.9% p.a. lower than
RPI pre 2030 (2025: 0.9% lower pre 2030), reflecting UKSA's stated intention
to make no changes before 2030, and 0.1% lower than RPI post 2030 (2025: 0.1%
lower post 2030), this being our expectation of the long-term average
difference between CPI and CPI-H. Using this approach, the assumed difference
between the RPI and CPI is an average of 0.4% (2025: 0.4%) p.a. The
assumptions take into account the timing of the expected future cashflows from
the pension schemes.
The mortality assumptions are based on the latest standard mortality tables at
the reporting date. The directors have considered the impact of the recent
Covid-19 pandemic on the mortality assumptions and consider that use of the
updated Continuous Mortality Improvement ('CMI') 2025 projections for the
future improvement assumption is a reasonable approach.
The life expectancy assumptions are as follows:
At 28 March 2026 At 29 March 2025
Male pensioner, currently aged 65 85.6 85.0
Female pensioner, currently aged 65 87.7 87.3
Male non-pensioner, currently aged 45 86.9 86.1
Female non-pensioner, currently aged 45 89.4 89.0
A sensitivity analysis on the principal assumptions used to measure the scheme
liabilities at the period is as follows:
Change in assumption Impact on scheme liabilities
Discount rate Increase / decrease by 0.1% Decrease / increase by £24.8m / £25.3m
Inflation Increase / decrease by 0.1% Increase / decrease by £8.5m / £8.4m
Assumed life expectancy at age 60 (rate of mortality) Increase / decrease by 1 year Increase / decrease by £87.7m / £89.5m
The sensitivity information has been derived using projected cash flows for
the schemes valued using the relevant assumptions and membership profile as at
28 March 2026. Extrapolation of these results beyond the sensitivity figures
shown may not be appropriate.
Following the desegregation the disclosure of assets and liabilities are
presented in total for the current and prior periods as outlined in the tables
below.
As at 28 March 2026 As at 29 March 2025
Total % of total Total % of total
£m £m
Assets with a quoted price in an active market:
Government bonds 1,096.8 35.8 951.0 29.6
Cash 35.8 1.2 47.7 1.5
Assets without a quoted price in an active market:
Global equities 1.7 0.1 1.8 0.1
Government bonds 37.7 1.2 31.7 1.0
Corporate bonds 10.5 0.3 10.8 0.3
Global property 306.4 9.9 382.5 11.9
Absolute return products 212.0 6.9 227.8 7.1
Infrastructure funds 371.5 12.1 383.9 11.9
Interest rate swaps 224.9 7.3 224.5 7.0
Inflation swaps 26.8 0.9 19.3 0.6
Private equity 206.7 6.7 334.9 10.4
LDI 1.6 0.1 7.1 0.2
Global credit 326.5 10.7 304.0 9.5
Illiquid credit 124.4 4.1 186.9 5.8
Cash 3.7 0.1 4.0 0.1
Other 77.7 2.6 94.9 3.0
Fair value of scheme assets 3,064.7 100% 3,212.8 100%
For assets without a quoted price in an active market, fair value is
determined with reference to net asset value statements provided by third
parties. Included within Private Equity assets is a financial asset
of £59.4m which is measured using a Monte Carlo Simulation model
incorporating both market inputs (Level 1 and 2) and an equity volatility
assumption (Level 3).
Pension assets have been reported using either 27 March 2026 valuations where
daily valuations are available or 31 March 2026 valuations for monthly valued
funds. As is usual practice for pensions assets where valuations at these
dates were not available, the most recent valuations (predominantly at 31
December 2025) have been rolled forward for cash movements to 28 March 2026
and recognised as lagged valuations. This is considered by management the most
appropriate estimate of valuations for these assets using the information
available at the time. At 28 March 2026, the financial statements include
£300.8m of assets (2025: £399.0m) using lagged valuations and were these
lagged valuations to move by 1.0% there would be a £3.0m (2025: £4.0m)
impact on the fair value of scheme assets. This approach is principally
relevant for Private Equity, Property Assets, Illiquid Credits and Global
Credits asset categories. Pension assets valuations are subject to estimation
uncertainty due to market volatility, which could result in a material
movement in asset values over the next 12 months. The amounts recognised in
the balance sheet arising from the Group's obligations in respect of its
defined benefit schemes are as follows:
As at 28 March 2026 As at 29 March 2025
£m £m
Present value of defined benefit obligation (2,562.9) (2,564.1)
Fair value of plan assets 3,064.7 3,212.8
Surplus in schemes 501.8 648.7
The aggregate surplus of £648.7m has decreased to a surplus of £501.8m in
the current period. This decrease of £146.9m (2025: £47.2m increase) is
primarily due to move to the updated actuarial valuation and the change in the
demographic assumptions applied by moving to 'CMI' 2025 from 'CMI' 2023.
Further details are provided later in this note.
Changes in the present value of the defined benefit obligation were as
follows:
As at 28 March 2026 As at 29 March 2025
£m £m
Defined benefit obligation at 30 March 2025 / 31 March 2024 (2,564.1) (2,963.5)
Finance cost (141.0) (136.7)
Remeasurement (loss) / gain (42.3) 352.4
Exchange differences (1.8) 0.9
Benefits paid 186.3 182.8
Defined benefit obligation at 28 March 2026 / 29 March 2025 (2,562.9) (2,564.1)
Changes in the fair value of plan assets were as follows:
As at 28 March 2026 As at 29 March 2025
£m £m
Fair value of scheme assets at 30 March 2025 / 31 March 2024 3,212.8 3,565.0
Finance income on scheme assets 177.7 165.5
Remeasurement losses (138.3) (338.8)
Administrative costs (8.7) (9.0)
Contributions by employer 5.2 9.2
Additional employer contribution(1) - 5.0
Exchange differences 2.3 (1.3)
Benefits paid (186.3) (182.8)
Fair value of scheme assets at 28 March 2026 / 29 March 2025 3,064.7 3,212.8
(1)Contribution by the Group to the Premier schemes in the prior year (prior
to de-sectionalisation) due to the payment of dividends during the year.
The reconciliation of the net defined benefit surplus over the period is as
follows:
As at 28 March 2026 As at 29 March 2025
£m £m
Surplus in schemes at 30 March 2025 / 31 March 2024 648.7 601.5
Amount recognised in profit or loss 28.0 19.8
Remeasurements recognised in other comprehensive income (180.6) 13.6
Contributions by employer 5.2 9.2
Additional employer contribution(1) - 5.0
Exchange differences recognised in other comprehensive income 0.5 (0.4)
Surplus in schemes at 28 March 2026 / 29 March 2025 501.8 648.7
(1)Contribution by the Group to the Premier Schemes in the prior year (prior
to de-sectionalisation) due to the payment of dividends during the year.
Remeasurements recognised in the consolidated statement of comprehensive
income are as follows:
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
Total Total
£m £m
Remeasurement (loss) / gain on scheme liabilities (42.3) 352.4
Remeasurement loss on scheme assets (138.3) (338.8)
Net remeasurement (loss) / gain for the period (180.6) 13.6
The actual return on scheme assets was a £39.4m gain (2025: £173.3m loss),
which is £138.3m less (2025: £338.8m less) than the finance income on scheme
assets of £177.7m (2025: £165.5m).
The remeasurement loss on liabilities of £42.3m (2025: £352.4m gain)
comprises a gain due to changes in financial assumptions of £104.3m (2025:
£344.0m gain), a loss due to member experience of £102.8m (2025: £1.9m
gain) and a loss due to demographic assumptions of £43.8m (2025: £6.5m
gain).
The Group expects to contribute £1.0m annually to its defined benefit schemes
in relation to expenses in the 53 weeks to 3 April 2027.
Following the merger and subsequent de-sectionalisation, the Group has
concluded that there is no change currently to the surplus recognition so the
asset has not been restricted and no additional liability has been recognised.
The Virgin Media Limited v NTL Pension Trustees II Limited decision, handed
down by the High Court on 16 June 2023, considered the implications of Section
37 of the Pension Schemes Act 1993. Section 37 of the Pension Schemes Act 1993
only allowed the rules of contracted-out schemes in respect to benefits, to be
altered where certain requirements were met. Following an appeal on 25 July
2024, the Court of Appeal upheld the High Court's decision, that the statutory
actuarial confirmation was required, and without this, alterations to schemes
were void. In April 2026, the UK Government introduced legislation to give
affected schemes the ability to retrospectively obtain written actuarial
confirmation that historic benefit changes met the necessary standards. The
Trustees are aware of recent developments and are discussing with their legal
advisers the potential implications and monitoring the progress of the draft
legislative changes. In this matter, the Group has concluded that there
continues to be no requirement for quantification within the accounts.
The Group has applied IFRIC 14 and has determined that there is no limit on
the recognition of the surpluses in its defined benefit pension schemes as at
28 March 2026. The surpluses have been recognised on the basis that the future
economic benefits are unconditionally available to the Group, which is assumed
to be via a refund through the gradual settlement of the scheme following the
payment of the last benefits due to members.
The total amounts recognised in the consolidated statement of profit or loss
are as follows:
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Period ended 28 March 2026 / 29 March 2025
Operating profit
Administrative costs (8.7) (9.0)
Net finance credit 36.7 28.8
Total credit 28.0 19.8
Defined contribution schemes
A number of companies in the Group operate defined contribution schemes,
including provisions to comply with auto enrolment requirements laid down by
law. In addition, a number of schemes providing life assurance benefits only
are operated. The total expense recognised in the statement of profit or loss
of £11.6m (2025: £10.8m) represents contributions payable to the schemes by
the Group at rates specified in the rules of the schemes.
8. Notes to the cash flow statement
Reconciliation of profit before taxation to cash flows from operations
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Profit before taxation 181.9 161.3
Net finance cost 18.9 19.8
Operating profit 200.8 181.1
Depreciation of property, plant and equipment 20.6 19.6
Amortisation of intangible assets 26.9 26.3
Net gain on disposal of non-current assets (1.1) (0.2)
Fair value movements on foreign exchange 0.1 (0.3)
Net finance income on pensions and administrative expenses (28.0) (19.8)
Equity-settled employee incentive schemes 4.7 4.6
Increase in inventories (12.0) (2.6)
Decrease in trade and other receivables 8.4 2.3
Increase / (decrease) for other payables and provisions 3.4 (8.2)
Additional employer contribution¹ - (5.0)
Contribution to defined benefit pension schemes (5.2) (9.2)
Cash generated from operations 218.6 188.6
¹Contribution by the Group to the Premier sections in the prior year (prior
to the de-sectionalisation) due to the payment of dividends during the year.
Reconciliation of cash and cash equivalents to net borrowings
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Net inflow of cash and cash equivalents 50.6 89.2
Movement in lease liabilities (1.1) 2.3
Debt issuance costs in the period 2.6 3.8
Other non-cash movements (3.7) (3.3)
Decrease in borrowings net of cash 48.4 92.0
Total net borrowings at beginning of period (143.6) (235.6)
Total net borrowings at end of period (95.2) (143.6)
Analysis of movement in borrowings
As at Cash flows Non-cash finance costs Other As at
30 March 2025
non-cash movements
28 March 2026
£m £m £m £m £m
Cash and cash equivalents 191.5 50.6 - - 242.1
Net cash and cash equivalents 191.5 50.6 - - 242.1
Borrowings - Senior Secured Fixed Rate Notes maturing October 2026 (330.0) - - - (330.0)
Lease liabilities³ (9.9) 2.8 (0.6) (3.3) (11.0)
Gross borrowings net of cash(1) (148.4) 53.4 (0.6) (3.3) (98.9)
Debt issuance costs(2) 4.8 2.6 (2.1) (1.6) 3.7
Total net borrowings(1) (143.6) 56.0 (2.7) (4.9) (95.2)
(1) Borrowings exclude derivative financial instruments.
(2) The non-cash finance costs movement in debt issuance costs relates to the
amortisation of capitalised borrowing costs and other non-cash movements
relates to the write off of borrowing costs.
³ The non-cash finance costs in lease liabilities relate to IFRS16 interest
and other non-cash movements relate to lease additions in the year.
Cash outflows of £2.8m (2025: £3.4m) in relation to repayments of lease
liabilities are reported in the consolidated statement of cash flows.
The Group has the following cash pooling arrangements in sterling, euros and
US dollars, where both the Group and the bank have a legal right of offset.
As at 28 March 2026 As at 29 March 2025
£m £m
Offset asset Offset liability Net offset asset Offset asset Offset liability Net offset asset
Cash, cash equivalents and bank overdrafts 0.4 - 0.4 2.0 - 2.0
9. Financial Instruments
The following table shows the carrying amounts (which approximate to fair
value except as noted below) of the Group's financial assets and financial
liabilities. Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. Set out below is a summary of methods
and assumptions used to value each category of financial instrument.
As at 28 March 2026 As at 29 March 2025
Carrying amount Fair value Carrying amount Fair value
£m £m £m £m
Financial assets at amortised cost:
Trade and other receivables 63.6 63.6 61.2 61.2
Cash and cash equivalents 242.1 242.1 191.5 191.5
Financial assets at fair value through profit or loss:
Trade and other receivables 8.5 8.5 14.1 14.1
Derivative financial instruments
- Forward foreign currency exchange contracts - - 0.1 0.1
Financial liabilities at fair value through profit or loss:
Derivative financial instruments
- Forward foreign currency exchange contracts (0.6) (0.6) (0.6) (0.6)
Other financial liabilities at fair value through profit or loss:
- Deferred contingent consideration (18.6) (18.6) (18.8) (18.8)
Financial liabilities at amortised cost:
Trade and other payables (265.1) (265.1) (250.0) (250.0)
Senior secured notes (330.0) (326.0) (330.0) (325.0)
The following table presents the Group's assets and liabilities that are
measured at fair value using the following fair value measurement hierarchy:
· Quoted prices (unadjusted) in active markets for identical assets
or liabilities (level 1).
· Inputs other than quoted prices included within level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (level 2).
· Inputs for the asset or liability that are not based on
observable market data (that is, unobservable inputs) (level 3).
As at 28 March 2026 As at 29 March 2025
Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
£m £m £m £m £m £m
Financial assets at fair value through profit or loss:
Trade and other receivables - 5.0 3.5 - 11.7 2.4
Derivative financial instruments
- Forward foreign currency exchange contracts - - - - 0.1 -
Financial liabilities at fair value through profit or loss:
Derivative financial instruments
- Forward foreign currency exchange contracts - (0.6) - - (0.6) -
Other financial liabilities at fair value through profit or loss:
- Deferred contingent consideration - - (18.6) - - (18.8)
Financial liabilities at amortised cost:
Senior secured notes (326.0) - - (325.0) - -
10. Borrowings
As at As at
28 March 2026 29 March 2025
£m £m
Current:
Transaction costs 1.8 -
Senior secured notes (330.0) -
(328.2) -
Lease liabilities (2.0) (1.9)
Total borrowings due within one year (330.2) (1.9)
Non-current:
Transaction costs(1) 1.9 4.8
Senior secured notes - (330.0)
1.9 (325.2)
Lease liabilities (9.0) (8.0)
Total borrowings due after more than one year (7.1) (333.2)
Total borrowings (337.3) (335.1)
(1)Included in transaction costs within one year is £1.4m (2025: nil) and
£1.9m (2025: £3.2m) after more than one year relating to the RCF.
Non-current transaction costs shown within non-current assets.
Unsecured senior credit facility - revolving
During the period the Group increased the RCF from £227.5m to £282.5m,
released the security on the Group's financing and pension arrangements and
signed a new bridging facility for £275m which is a facility to November 2027
subject to being drawn by October 2026. Transactions costs of £1.0m were
capitalised in relation to this extension. The RCF attracts a leverage-based
margin of between 1.8% and 3.5% above SONIA.
The covenant package attached to the revolving credit facility is:
Net debt / EBITDA(1) Net debt / Interest(1)
2026 FY 3.50x 3.00x
2027 FY 3.50x 3.00x
(1)Net debt, EBITDA and Interest are as defined under the revolving credit
facility agreement.
Senior secured notes
The senior secured notes are listed on the Irish GEM Stock Exchange. The notes
totalling £330m attract an interest rate of 3.5%, mature in October 2026 and
are presented within current liabilities on the balance sheet.
11. Dividends
The following dividends were declared and paid during the period:
52 weeks ended 52 weeks ended
28 March 2026 29 March 2025
£m £m
Ordinary final of 2.80 pence per ordinary share (2025: 1.728 pence) 24.2 14.9
After the balance sheet date, a final dividend for the period ended 28 March
2026 of 3.36 pence per qualifying ordinary share (2025: 2.80 pence) was
proposed for approval at the Annual General Meeting on 16 July 2026 and will
be payable on 24 July 2026. Dividend distributions are recognised as a
liability in the period in which the dividends are approved by Group's
shareholders.
12. Capital commitments
The Group has capital expenditure on property, plant and equipment contracted
for at the end of the reporting period but not yet incurred at 28 March 2026
of £34.8m (2025: £15.3m).
13. Contingencies
There were no material contingent liabilities at 28 March 2026 (2025: none).
14. Related party transactions
There has been no material change to transactions with related parties during
the period.
15. Acquisitions
On 1 September 2025, the Group acquired 100% of the ordinary share capital of
Merchant Gourmet Holdings Limited ('Merchant Gourmet') and its wholly owned
subsidiaries Merchant Gourmet Limited and Merchant Gourmet International LLC
for a total consideration of £46.1m (this comprises £49.6m cash
consideration less £3.5m cash acquired). The acquisition is well aligned to
the Group's growth strategy, being highly complementary to Premier Foods'
portfolio and aligned to the Group's acquisition strategy.
The following table summarises the Group's assessment of the consideration for
Merchant Gourmet, and the amounts of identifiable assets and acquired
liabilities.
Fair Value
Recognised amounts of identifiable assets and liabilities £m
Brands and other intangible assets 13.8
Inventories 4.3
Trade and other receivables (including indemnification asset) 6.8
Cash and cash equivalents 3.5
Trade and other payables (7.1)
Deferred tax liability (3.5)
Provisions (1.8)
Total identifiable net assets 16.0
Goodwill on acquisition 33.6
Consideration transferred in cash 49.6
Total consideration 49.6
Identifiable net assets
The fair values of the identifiable assets and liabilities acquired have been
determined at the acquisition date. As permitted under IFRS 3 the Group may,
within twelve months of the acquisition date, retrospectively adjust the
provisional amounts recognised to reflect new information obtained about facts
and circumstances that existed and, if known, would have affected the
measurement of the amounts recognised as at the acquisition date.
As a result of the business combination, the Group recognised provisions of
£1.8m, including £1.8m in relation to the fair value of contingent
liabilities acquired.
The fair value of the trade and other receivables acquired as part of the
business combination was £6.8m. This includes an indemnification asset of
£1.8m in relation to the contingent liabilities assumed, and trade and other
receivables amounting to £4.9m which approximated to the contractual cash
flows.
Consideration transferred
Consideration was cash of £49.6m transferred on completion of the
acquisition.
Acquisition-related costs amounting to £2.6m are not included as part of
consideration transferred and have been recognised as an expense in the
consolidated statement of profit or loss, as part of administrative expenses.
Goodwill
Goodwill amounting to £33.6m was recognised on acquisition and while the
Merchant Gourmet brand forms a portion of the enterprise value of the
business, there is a premium associated to the purchase of a pre-existing,
well positioned business and synergies are expected from combining the
operations. This goodwill is not expected to be deductible for tax purposes.
The carrying amount of goodwill and the beginning and end of the period is as
follows:
As at As at
28 March 2026 29 March 2025
£m £m
Carrying value
At 30 March 2025 / At 31 March 2024 702.7 702.7
Acquisition of subsidiary 33.6 -
At 28 March 2026 / At 29 March 2025 736.3 702.7
Goodwill is attached to the Group's Grocery CGU.
Merchant Gourmet contribution to the Group results
From the date of the acquisition to 28 March 2026, Merchant Gourmet
contributed £19.5m to the Group's Revenues and a profit before tax of £2.5m.
Had the acquisition occurred on 30 March 2025, on a pro forma basis, the
Group's Revenue for the period to 28 March 2026 would have been £1,185.7m and
profit before tax for the same period would have been £182.7m.
16. Subsequent events
On 14 May 2026, the directors have proposed a final dividend of 3.36 pence for
the period ended 28 March 2026 for approval at the Annual General Meeting. See
note 11 for more details.
On 8 May 2026 the Group amended and extended the RCF agreement for a period of
five years with the option of extending for up to two additional years. This
amended senior unsecured RCF is a committed facility of £367.5m with an
interest margin grid broadly in line with the previous RCF, undrawn elements
of the RCF will continue to attract interest equivalent to 35% of the
applicable margin.
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