Premier Foods announced a drop in pre-tax profits in the first half of 2022, as revenues fell from last year’s extremely high volumes, and stressed that it was well on track to meet expectations for the full year.
The food processing company posted a pre-tax profit of 30 30.7 million ($ 41.2 million) for the six months to October 2, compared with a profit of 50 50.5 million a year ago.
For the first half of the year 2021, the company’s profits had increased from the extraordinary profits from the sale of Hovis.
The company stressed that revenues amounted to 394.1 million pounds, lower 6.5% compared to the same period last year.
The drop reflects the extraordinary volumes that occurred in the previous year, due to the increased consumer demand, in grocery stores during the peak of the pandemic.
Premier Foods stressed that it has entered the second half of the year 2022 with a strong momentum, and that it is on the right track to achieve the goals for the whole year.
Source From: Capital