Princes, the food group behind the Princes, Napolina and Crisp ‘N’ Dry brands, has reported stronger first-half sales and a sharp rise in profits despite “significant inflationary pressures” across its supply chain.
The London-listed group said revenues increased 7 per cent to £999.4mn in the six months to June 30 compared with the same period a year earlier, helped by recent acquisitions including Italian baby food business Plasmon and Princes France.
Revenue growth accelerated during the second quarter, according to the company, which said it remained “well positioned” for the rest of the year and expected to trade in line with management expectations for 2026.
The group’s fish business recorded higher sales volumes, although its performance was affected by lower raw tuna prices.
Princes also said the timing of inflation-linked price increases had affected the first half. Most of the increases came into effect at the beginning of July, meaning their full contribution is expected to be reflected in revenues during the second half.
Pre-tax profits rose 62 per cent to £39.2mn compared with the same period last year, highlighting the group’s efforts to protect margins despite higher input costs.
Princes also confirmed plans to identify a further £2mn of cost efficiencies as it seeks to improve operational performance.
Giuseppe Mastrolia, who was recently appointed interim chief executive, said he was “pleased” with the company’s performance.
“Against a challenging macroeconomic backdrop and significant inflationary pressures across a number of our key input costs, we have demonstrated the resilience of our business model and, importantly, our ability to protect profitability through disciplined commercial management and continued focus on operational efficiency,” he said.
“We enter the second half with a clear plan and a strong sense of urgency.
“There is considerably more value to unlock across Princes and I am confident in our ability to deliver it.”
The results come as food manufacturers continue to contend with elevated costs for raw materials, labour and other inputs, while retailers and consumers remain sensitive to price increases.
For Princes, the combination of acquisitions, higher pricing and tighter cost control has so far allowed the group to grow sales while expanding profitability.
The company said it expected the benefits from its recent acquisitions and July price increases, alongside further efficiency measures, to support performance during the remainder of the year.
Leave a Comment