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Thursday,20 January 2022 at 17:06

Premier Foods raised its profit forecasts after its range of Mr Kipling cakes recorded its strongest ever Christmas trading and shoppers snapped up premium products.

Shares in the St Albans-based food group rose by as much as 7 per cent in trading after the company announced that sales were up 7 per cent on 2019 levels and raised its adjusted profit before tax forecasts from £119.3m to at least £125m.

The group said sales from reduced sugar Angel Slices performed well, while customers traded up to its premium Bisto Best gravy over Christmas.

Premier expected Mr Kipling cakes to hit US stores for the first time in the next quarter.

UK and European stocks closed higher as investors appeared to brush off concerns about rampant inflation.
U.S. stocks bounced back from a turbulent previous session as investors weighed a series of upbeat earnings and a fresh read on weekly jobless claims out of Washington.
Oil slipped as investors took profits after a recent price rally, but strong demand and short-term supply disruptions continue to support prices close to their highest since 2014.
Gold and silver touched fresh two-month highs lifted by worries surrounding inflation and Russia-Ukraine tensions, while autocatalysts platinum and palladium extended the previous session’s rally. 

At the close
FTSE 100 7,585 (-0.06%)
FTSE 250 22,714 +0.26%
DAX 15,912 +0.65%
At 16:50
Dow Jones 35,394 +1.03%
S&P 500 4,586 +1.16%
NASDAQ 14,564 +1.57%
Fixed Income
UK 10-YR YIELD 1.227
Exchange Rates
GBP/USD 1.364
GBP/EUR 1.203
Gold $1,841 +0.07%
Brent $88.88 +1.37%
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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