Premier Foods’ share price soars, announces first dividend for 13 years Don’t miss our special stock presentation.It contains details of a UK-listed company our Motley Fool UK analysts are extremely enthusiastic about.They think it’s offering an incredible opportunity to grow your wealth over the long term – at its current price – regardless of what happens in the wider market.That’s why they’re referring to it as the FTSE’s ‘double agent’.Because they believe it’s working both with the market… And against it.To find out why we think you should add it to your portfolio today… Stock prices on the FTSE 250 are (broadly speaking) still struggling for traction on Wednesday. The UK’s second-tier share index was recently 0.5% lower on the day as concerns over runaway inflation roll on. However, the Premier Foods (LSE: PFD) share price isn’t having any problems gaining traction.Prices of the food manufacturer have soared to 108.28p per share at one point in midweek business. This was the most expensive level for four months. It’s since settled back, but at 106.2p, the Premier Foods share price remains 4% higher from Tuesday’s close.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…Premier Foods has soared after announcing it’ll be paying its first dividend for 13 years.Profits soar at Premier FoodsIn bubbly full-year results, the food producer — which makes everything from Mr Kipling cakes and Ambrosia custard to Sharwoods Indian cooking sauces — said that group revenues soared 10.3% in the 53 weeks to 3 April, to £947m. Sales of its branded products, meanwhile, grew by an impressive 13.6%.Premier Foods said it gained more customers during the last financial year “as a result of more people cooking from home, experimenting with new recipes and expanding their repertoire of meals.” It said too, demand for its edible goods continued to grow ahead of the broader market. The company’s market share rose by 70 basis points year-on-year.Premier Foods said it enjoyed “a prolonged period of elevated demand for its product ranges” as Covid-19 lockdowns forced people to eat all of their meals from home. It managed to keep product availability high due to the “robustness” of its supply chain, it noted. And a combination of brand investment and new product launches allowed it to gain market share in the period, it added.Dividends returnSoaring sales at Premier Foods saw adjusted pre-tax profit increase 23.5% year-on-year, to £117.9m. Meanwhile, net debt at the business dropped to £332.7m, from £429.6m in financial 2020. And the company’s net debt to EBITDA ratio plummeted to 1.9, from 2.7 previously, the lowest level on record.Premier Foods says that it has “made significant progress in delivering against its branded growth model strategy in recent years,” a drive which has pushed net debt to levels that would dividend payments to resume. Consequently the UK food share said it will pay a 1p per share dividend for fiscal 2021. This is the first shareholder payout since 2008.A bright outlookLooking ahead, Premier Foods said it has entered the new financial year “in a strong position.” The FTSE 250 firm paid tribute to its larger consumer base, upcoming new product launches, and television advertising among some of its largest brands in the coming months, as reasons to be optimistic.Premier Foods has begun fiscal 2022 in line with expectations, it said. And it added that “[we] will look to expand through accessing new categories in the UK and also in selected overseas markets, while exploring bolt-on acquisition opportunities.” Enter Your Email Address Royston Wild | Wednesday, 19th May, 2021 | More on: PFD Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Click here to get access to our presentation, and learn how to get the name of this ‘double agent’! Image source: Getty Images. There’s a ‘double agent’ hiding in the FTSE… we recommend you buy it! Our 6 ‘Best Buys Now’ Shares See all posts by Royston Wild Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. Simply click below to discover how you can take advantage of this.
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