Premier Foods
PFD · Main Market · Food, Beverage and Tobacco · mcap £1,669m · 197.3p
Financials · balance sheet 28 Mar 26 · last twelve months · today’s market value
Source: results 14 May 26 ↗
- Market cap
- £1,714m
- Owner’s net cash
- −£86.1m
- Net cash / market cap
- -5%
- EV ex leases
- £1,800m
- Revenue
- £1,176m
- Operating profit
- £200.8m
- Free cash flow after leases
- £131.3m
- EV / EBIT
- 9.0×
- FCF yield
- 7.7%
- Price / tangible book
- 4.25×
- ROCE
- 13%
- Net income (owners)
- £136.6m
Share price × shares in issue (from the company’s voting-rights notices)
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£86.1m − £0.0m − £0.0m − £0.0m = −£86.1m
Owner’s net cash ÷ Market cap−£86.1m ÷ £1,714m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,714m + £328.2m − £242.1m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £1,800m
Revenue, last twelve monthsthe latest full year: 2026-03-28
Operating profit, last twelve monthsthe latest full year: 2026-03-28
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£186.0m − £40.6m − £11.3m − £2.8m − £0.0m
EV ex leases ÷ Operating profit (LTM)£1,800m ÷ £200.8m
Free cash flow after leases ÷ Market cap£131.3m ÷ £1,714m
Market cap ÷ Tangible book£1,714m ÷ £403.5m
Operating profit (LTM) ÷ (Total assets − Current liabilities)£200.8m ÷ (£2,224m − £632.5m) = £200.8m ÷ £1,592m
Net income (owners), last twelve monthsthe latest full year: 2026-03-28
Market value
- Market cap
- £1,714m
Share price × shares in issue (from the company’s voting-rights notices)
Cash and debt · balance sheet 2026-03-28
- Cash
- £242.1m
- Borrowings
- £328.2m
- Net cash / (debt) ex leases
- −£86.1m
- Lease liabilities
- £11.0m
- Owner’s net cash
- −£86.1m
- Net cash / market cap
- -5%
- Cash − total liabilities
- −£572.2m
Balance sheet 2026-03-28
Borrowings, current + Borrowings, non-current£328.2m + £0.0m
Cash − Borrowings£242.1m − £328.2m = −£86.1m
Lease liabilities, current + non-current (left out of net cash and EV ex leases)£2.0m + £9.0m
Net cash ex leases − Pension deficit − Deferred consideration − Paid out since−£86.1m − £0.0m − £0.0m − £0.0m = −£86.1m
Owner’s net cash ÷ Market cap−£86.1m ÷ £1,714m
Cash − Total liabilities (the strictest view: cash covers everything owed)£242.1m − £814.3m = −£572.2m
Last twelve months · FY 2026-03-28
- Revenue
- £1,176m
- Operating profit
- £200.8m
- EBITDA (pre-IFRS 16)
- £248.3m
- Net income (owners)
- £136.6m
- Cash from operations
- £186.0m
- Free cash flow after leases
- £131.3m
- Cash conversion
- 136%
Revenue, last twelve monthsthe latest full year: 2026-03-28
Operating profit, last twelve monthsthe latest full year: 2026-03-28
Operating profit + Depreciation (owned assets) + Amortisation£200.8m + £20.6m + £26.9m
Net income (owners), last twelve monthsthe latest full year: 2026-03-28
Cash from operations, last twelve monthsthe latest full year: 2026-03-28
Cash from operations − Capex (PP&E) − Capex (intangibles) − Lease principal paid − Lease interest paid£186.0m − £40.6m − £11.3m − £2.8m − £0.0m
Cash from operations ÷ Net income (owners)£186.0m ÷ £136.6m
Enterprise value
- EV ex leases
- £1,800m
- EV incl. leases
- £1,811m
Market cap + Borrowings − Cash + Pension deficit + Deferred consideration + Non-controlling interests − Associates & JVs + Paid out since£1,714m + £328.2m − £242.1m + £0.0m + £0.0m + £0.0m − £0.0m + £0.0m = £1,800m
EV ex leases + Lease liabilities£1,800m + £11.0m
Valuation at today’s market cap
- EV / EBIT
- 9.0×
- EV / EBITDA
- 7.3×
- FCF yield
- 7.7%
- Price / book
- 1.22×
- Tangible book
- £403.5m
- Price / tangible book
- 4.25×
- NCAV (net current asset value)
- −£339.7m
- Price / NCAV
- –
- Net-net working capital
- −£427.3m
EV ex leases ÷ Operating profit (LTM)£1,800m ÷ £200.8m
EV ex leases ÷ EBITDA (pre-IFRS 16)£1,800m ÷ £248.3m
Free cash flow after leases ÷ Market cap£131.3m ÷ £1,714m
Market cap ÷ Total equity£1,714m ÷ £1,410m
Total equity − Goodwill − Other intangibles£1,410m − £736.3m − £270.3m
Market cap ÷ Tangible book£1,714m ÷ £403.5m
Current assets − Total liabilities£474.6m − £814.3m
Market cap ÷ NCAV£1,714m ÷ −£339.7m
Cash + 75% × Trade receivables + 50% × Inventories − Total liabilities£242.1m + 0.75 × £114.7m + 0.5 × £117.8m − £814.3m
Returns and quality
- ROCE
- 13%
- ROE
- 10%
- Current ratio
- 0.75×
- Net debt / EBITDA
- 0.3×
- Accruals ratio
- -2.2%
Operating profit (LTM) ÷ (Total assets − Current liabilities)£200.8m ÷ (£2,224m − £632.5m) = £200.8m ÷ £1,592m
Net income (owners, LTM) ÷ Total equity£136.6m ÷ £1,410m
Current assets ÷ Current liabilities£474.6m ÷ £632.5m
(Borrowings − Cash) ÷ EBITDA (pre-IFRS 16)£86.1m ÷ £248.3m
(Net income − Cash from operations) ÷ Total assets – high: profit not backed by cash(£136.6m − £186.0m) ÷ £2,224m
H1 Sep 25 vs H1 Sep 24 · results 13 Nov 25 ↗
- Revenue
- £502m +0%
- Operating profit
- £73.2m +12%
- Net income
- £46.8m +18%
- Cash from operations
- £32.8m −35%
Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.
The statement exactly as printed in one results announcement – its own columns (the period and its comparatives), lines and headings, in the company's currency and units. Choose the report above; to compare several years, use Key figures.
Standardised line items in £m, comparable across companies; when a later report restated a period, the later figure is shown and marked r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.
Trading update 16 Jul 26on track6 figures since the last report
Q1 branded revenue up 4.0%, market share gains across categories, on track for full year profit expectations.
| Group branded revenue | £225.1m | £216.2m |
| Group branded revenue growth | 4.0% | |
| Total revenue | £246.4m | £239.7m |
| UK branded revenue growth | 3.8% | |
| International revenue growth | 6% | |
| New categories revenue growth | 16% |
As stated by the company, unaudited. Read it →
Latest report: FY Mar 26 (twelve months to 28 Mar 26), published 14 May 26 · read the results ↗
| 28 March 2026 £m | 29 March 2025 £m | |
|---|---|---|
| Revenue | 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 | 200.8 | 181.1 |
| Finance cost | (28.5) | (28.9) |
| Finance income | 9.6 | 9.1 |
| Profit before taxation | 181.9 | 161.3 |
| Taxation | (45.3) | (36.4) |
| Profit for the period attributable to owners of the parent | 136.6 | 124.9 |
| Earnings per share (pence) | ||
| Basic | 15.7 | 14.3 |
| Diluted | 15.5 | 14.1 |
| 28 March 2026 £m | 29 March 2025 £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 | 11.1 | 16.7 |
| Net retirement benefit assets | 501.8 | 648.7 |
| Other assets | 1.9 | - |
| Total non-current assets | 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 | 242.1 | 191.5 |
| Derivative financial instruments | - | 0.1 |
| Total current assets | 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 | (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) |
| Total financial liabilities | (632.5) | (270.3) |
| Non-current liabilities | ||
| Long-term borrowings | - | (325.2) |
| Lease liabilities | (9.0) | (8.0) |
| Provisions for liabilities and charges | (7.5) | (7.3) |
| Deferred tax liabilities | (164.5) | (178.3) |
| Other liabilities | (0.8) | (20.6) |
| Total non-current liabilities | (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 |
| 28 March 2026 £m | 29 March 2025 £m | |
|---|---|---|
| Cash generated from operations | 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 | (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 | 242.1 | 191.5 |
| 27 September 2025 £m | 28 September 2024 £m | |
|---|---|---|
| Revenue | 502.1 | 501.0 |
| Cost of sales | (321.5) | (318.8) |
| Gross profit | 180.6 | 182.2 |
| Selling, marketing and distribution costs | (73.8) | (77.2) |
| Administrative costs | (33.6) | (39.6) |
| Operating profit | 73.2 | 65.4 |
| Finance cost | (13.5) | (14.5) |
| Finance income | 3.7 | 2.6 |
| Profit before taxation | 63.4 | 53.5 |
| Taxation | (16.6) | (14.0) |
| Profit for the period attributable to owners of the parent | 46.8 | 39.5 |
| Basic earnings per share (pence) | ||
| Basic | 5.4 | 4.6 |
| Diluted | 5.3 | 4.5 |
| 27 September 2025 £m | 29 March 2025 £m | |
|---|---|---|
| ASSETS: | ||
| Non-current assets | ||
| Property, plant and equipment | 213.3 | 204.3 |
| Goodwill | 736.3 | 702.7 |
| Other intangible assets | 275.2 | 271.2 |
| Deferred tax assets | 17.0 | 16.7 |
| Net retirement benefit assets | 572.4 | 648.7 |
| Total non-current assets | 1,814.2 | 1,843.6 |
| Current assets | ||
| Inventories | 146.5 | 101.5 |
| Trade and other receivables | 119.3 | 115.0 |
| Cash and cash equivalents | 127.4 | 191.5 |
| Derivative financial instruments | 0.7 | 0.1 |
| Total current assets | 393.9 | 408.1 |
| Total assets | 2,208.1 | 2,251.7 |
| LIABILITIES | ||
| Current liabilities | ||
| Trade and other payables | (276.8) | (260.1) |
| Financial liabilities | ||
| - derivative financial instruments | (0.3) | (0.6) |
| Lease liabilities | (1.1) | (1.9) |
| Provisions for liabilities and charges | (6.4) | (6.7) |
| Other liabilities | (1.0) | (1.0) |
| Total financial liabilities | (285.6) | (270.3) |
| Non-current liabilities | ||
| Long-term borrowings | (325.2) | (325.2) |
| Lease liabilities | (8.2) | (8.0) |
| Provisions for liabilities and charges | (7.5) | (7.3) |
| Deferred tax liabilities | (167.9) | (178.3) |
| Other liabilities | (20.3) | (20.6) |
| Total non-current liabilities | (529.1) | (539.4) |
| Total liabilities | (814.7) | (809.7) |
| Net assets | 1,393.4 | 1,442.0 |
| EQUITY | ||
| Capital and reserves | ||
| Share capital | 86.9 | 86.9 |
| Share premium | 2.7 | 2.7 |
| Merger reserves | 351.7 | 351.7 |
| Other reserves | (9.3) | 9.3) |
| Retained earnings | 961.4 | 1,010.0 |
| Total equity | 1,393.4 | 1,442.0 |
| 27 September 2025 £m | 28 September 2024 £m | |
|---|---|---|
| Cash generated from operations | 47.1 | 66.6 |
| Finance cost paid | (11.9) | (14.6) |
| Finance income received | 3.7 | 2.6 |
| Taxation paid | (6.1) | (4.0) |
| Cash generated from operating activities | 32.8 | 50.6 |
| Acquisition of subsidiaries, net of cash acquired | (46.1) | - |
| Purchase of property, plant and equipment | (19.7) | (19.8) |
| Purchase of intangible assets | (3.6) | (2.7) |
| Sale of property, plant and equipment | 2.0 | - |
| Cash used in investing activities | (67.4) | (22.5) |
| Principal element of lease payments | (1.5) | (2.0) |
| Dividends paid | (24.2) | (14.9) |
| (Purchase of) / proceeds from shares to satisfy share awards | (3.8) | 0.4 |
| Cash used in financing activities | (29.5) | (16.5) |
| Net (decrease) /increase in cash and cash equivalents | (64.1) | 11.6 |
| Cash and cash equivalents at beginning of period | 191.5 | 102.3 |
| Cash and cash equivalents at end of period | 127.4 | 113.9 |
| FY Mar 26 | FY Mar 25 | |
|---|---|---|
| Revenue to operating profit | ||
| Revenue | 1,175.5 | 1,149.0 |
| Gross profit | 454.9 | 439.3 |
| Adjusted EBITDA | 226.9 | 213.2 |
| Adjusted operating profit | 200.4 | 187.8 |
| Operating profit | 200.8 | 181.1 |
| Depreciation (owned assets) | 20.6 | 19.6 |
| Amortisation | 26.9 | 26.3 |
| Share-based payments | 4.7 | 4.6 |
| Operating profit to net income | ||
| Finance costs | (28.5) | (28.9) |
| Profit before tax | 181.9 | 161.3 |
| Tax | (45.3) | (36.4) |
| Net income (owners) | 136.6 | 124.9 |
| Per share | ||
| EPS basic | 15.7p | 14.3p |
| EPS diluted | 15.5p | 14.1p |
| Dividend per share | 3.4p | 2.8p |
| H2 Mar 26 | H1 Sep 25 | H2 Mar 25 | H1 Sep 24 | |
|---|---|---|---|---|
| Revenue to operating profit | ||||
| Revenue | 673.4 | 502.1 | 648.0 | 501.0 |
| Gross profit | 274.3 | 180.6 | 257.1 | 182.2 |
| Adjusted EBITDA | 143.7 | 83.2 | 130.8 | 82.4 |
| Operating profit | 127.6 | 73.2 | 115.7 | 65.4 |
| Depreciation (owned assets) | 10.9 | 9.7 | 10.1 | 9.5 |
| Amortisation | 13.6 | 13.3 | 13.4 | 12.9 |
| Share-based payments | 2.3 | 2.4 | 2.4 | 2.2 |
| Operating profit to net income | ||||
| Finance costs | (15.0) | (13.5) | (14.4) | (14.5) |
| Profit before tax | 118.5 | 63.4 | 107.8 | 53.5 |
| Tax | (28.7) | (16.6) | (22.4) | (14.0) |
| Net income (owners) | 89.8 | 46.8 | 85.4 | 39.5 |
| Per share | ||||
| EPS basic | 10.3p | 5.4p | 9.7p | 4.6p |
| EPS diluted | 10.2p | 5.3p | 9.6p | 4.5p |
| H2 Mar 26 | H1 Sep 25 | H2 Mar 25 | H1 Sep 24 | |
|---|---|---|---|---|
| Operating activities | ||||
| Cash from operations | 153.2 | 32.8 | 107.5 | 50.6 |
| Interest paid | – | (11.9) | – | (14.6) |
| Tax paid | (8.3) | (6.1) | (5.9) | (4.0) |
| Investing activities | ||||
| Capex (PP&E) | (20.9) | (19.7) | (13.7) | (19.8) |
| Capex (intangibles) | (7.7) | (3.6) | (5.2) | (2.7) |
| Financing activities | ||||
| Lease principal paid | (1.3) | (1.5) | (0.7) | (2.0) |
| Dividends paid | 0.0 | (24.2) | 0.0 | (14.9) |
| 28 Mar 26 | 29 Mar 25 | |
|---|---|---|
| Non-current assets | ||
| Goodwill | 736.3 | 702.7 |
| Other intangibles | 270.3 | 271.2 |
| Property, plant & equipment | 228.4 | 204.3 |
| Non-current assets | 1,749.8 | 1,843.6 |
| Current assets | ||
| Inventories | 117.8 | 101.5 |
| Trade receivables | 114.7 | 115.0 |
| Cash | 242.1 | 191.5 |
| Current assets | 474.6 | 408.1 |
| Total assets | 2,224.4 | 2,251.7 |
| Current liabilities | ||
| Trade payables | 273.9 | 260.1 |
| Borrowings, current | 328.2 | – |
| Lease liabilities, current | 2.0 | 1.9 |
| Current liabilities | 632.5 | 270.3 |
| Non-current liabilities | ||
| Borrowings, non-current | – | 325.2 |
| Lease liabilities, non-current | 9.0 | 8.0 |
| Deferred consideration | – | 18.8 |
| Pension surplus / (deficit) | 501.8 | 648.7 |
| Non-current liabilities | 181.8 | 539.4 |
| Total liabilities | 814.3 | 809.7 |
| Equity | ||
| Total equity | 1,410.1 | 1,442.0 |
| Net cash and other figures | ||
| Net cash / (debt) incl. leases | (95.2) | (143.6) |
| Undrawn facilities | 282.5 | – |
| 28 Mar 26 | 27 Sep 25 | 29 Mar 25 | 28 Sep 24 | |
|---|---|---|---|---|
| Non-current assets | ||||
| Goodwill | 736.3 | 736.3 | 702.7 | – |
| Other intangibles | 270.3 | 275.2 | 271.2 | – |
| Property, plant & equipment | 228.4 | 213.3 | 204.3 | – |
| Non-current assets | 1,749.8 | – | 1,843.6 | – |
| Current assets | ||||
| Inventories | 117.8 | 146.5 | 101.5 | – |
| Trade receivables | 114.7 | 119.3 | 115.0 | – |
| Cash | 242.1 | 127.4 | 191.5 | – |
| Current assets | 474.6 | – | 408.1 | – |
| Total assets | 2,224.4 | 2,208.1 | 2,251.7 | – |
| Current liabilities | ||||
| Trade payables | 273.9 | 276.8 | 260.1 | – |
| Borrowings, current | 328.2 | – | – | – |
| Lease liabilities, current | 2.0 | 1.1 | 1.9 | – |
| Current liabilities | 632.5 | – | 270.3 | – |
| Non-current liabilities | ||||
| Borrowings, non-current | – | 325.2 | 325.2 | – |
| Lease liabilities, non-current | 9.0 | 8.2 | 8.0 | – |
| Deferred consideration | – | 20.1 | 18.8 | – |
| Pension surplus / (deficit) | 501.8 | 572.4 | 648.7 | – |
| Non-current liabilities | 181.8 | – | 539.4 | – |
| Total liabilities | 814.3 | 814.7 | 809.7 | – |
| Equity | ||||
| Total equity | 1,410.1 | 1,393.4 | 1,442.0 | – |
| Net cash and other figures | ||||
| Net cash / (debt) ex leases | – | (207.1) | – | (221.3) |
| Net cash / (debt) incl. leases | (95.2) | – | (143.6) | – |
| Undrawn facilities | 282.5 | – | – | – |
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