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Premier Foods Gains from Inflation as Britons Consume More at Home

Industry: Food
Current: Company Performance

The deepening cost-of-living crisis in Britain is forcing more and more people to eat at home
Inflation in the UK increased significantly in 2022 to 9.1% over that in the previous years, according to GlobalData
The rate in the consumer prices in the UK increased 11.1% in October 2022, the highest level in 41 years

Premier Foods Plc’s Revenue, Net Profit, and Increasing Inflation in UK

Even as the increasing inflation in the UK pushes the prices of food to exorbitant levels, it also has a positive aspect, as claimed by Premier Foods Plc, the company that dishes out Mr. Kipling cakes and Bistro gravy. The worsening cost-of-living crisis in the UK is forcing more and more people to eat at home, which increased the company’s revenue by 6.2% and adjusted pretax profit by 11.9% in the six months ending October 1, 2022, despite rapid price inflation.

As reported by the company, the total revenue and net profit of Premier Foods Plc decreased significantly in the second half that ended September 2022, to GBP418.6 million and GBP36.1 million, respectively.

Consumers continue to face untold hardships in the current economic environment. People are beginning to dine at home more frequently as they are forced to reduce eating out. Inflation in the UK increased significantly in 2022 to 9.1% over that in the previous years, according to GlobalData.

The rate in the consumer prices in the UK increased 11.1% in October 2022, the highest level in 41 years. To meet its objectives for fiscal 2023, Premier Foods is relying on a “cheap meals” advertising campaign as the holiday season draws near and federal spending declines.

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