SOARING demand for home cooking ingredients during lockdown has led to a spike in sales at Premier Foods, parent company of Belfast-based Ormo Bakery.
The Mr Kipling owner reported a 20 per cent sales rise in the run-up to lockdown, and since the end of March demand for its pre-made Lloyd Grossman pasta sauces, Bisto and Oxo gravy, and Sharwoods curry condiments has soared.
"One of the most prevalent trends we've seen is that we've all got cooking again, with particularly high levels of demand for items relating to meal preparation, including cooking sauces, gravy and baking ingredients," chief executive Alex Whitehouse said.
He said revenues for the three months to the end of June are "expected to be approximately 20 per cent ahead of the same quarter a year ago" on the back of strong grocery sales.
It came as Premier Foods revealed that total revenues increased by 2.8 per cent to £847.1 million for the year to March, compared with the previous year.
Meanwhile, it swung back into the black as it delivered a £53.6 million pre-tax profit, up from a £42.7 million pre-tax loss in the previous year.
It said two of its largest grocery brands, Bisto and Batchelors, both delivered growth during the year, while it was also buoyed by strong sales of Nissin Soba Noodles.
Mr Whitehouse added: "This has been a period of considerable progress for the company.
"We have now grown group revenues, trading profit and adjusted earnings for each of the last three years, driven by our successful branded growth model of delivering insightful new product innovation together with emotionally engaging advertising and building strategic retailer partnerships."
Shares in the company rose by more than 6 per cent in early trading on Wednesday.
AJ Bell investment director Russ Mould said: "Investors have been feasting on its shares in recent months, with the price rising by more than 230 per cent since mid-March.
"The latest financial results have fuelled this market hunger, resulting in further share price gains."
