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(Sharecast News) - Princes Group reaffirmed full-year guidance on Tuesday, after the tinned tuna specialist shrugged off tough market conditions to post a jump in third-quarter earnings.
The food and drinks company - which owns Princes, Napolina, Crisp 'n Dry and Crosse & Blackwell, among other brands - saw revenues rise 3.3% on a like-for-like basis in the three months to September end, while adjusted earnings before interest, tax, depreciation and amortisation spiked 8.5% to £37.8m.
That helped revenues in the year-to-date rise 10% to £1.52bn, while adjusted EBITDA was 6.4% stronger at £116.2m.
Growth was driven by a particularly strong showing in Italy, where sales soared 131.7% to £155.2m, helping offset a 1.3% decline to £996m in the UK, Princes' biggest market.
Across business units, growth in Italian products, foods, fish and oils helped offset a 6.4% decline in drinks.
Giuseppe Mastrolia, interim chief executive, said the performance in the year-to-date "demonstrates the resilience of our business and the strength of our strategy, particularly against the backdrop of a challenging UK economic environment, persistent inflationary pressures and continued consumer uncertainty".
He continued: "Despite these headwinds, trading momentum remains positive into the fourth quarter, supported by disciplined commercial execution and operational improvements."
Princes also flagged a spike in demand across its ambient food portfolio, particularly in canned meat, fish, vegetables and fruit, after the UK government launched its Be Ready campaign, to encourage households to stock up in case of unexpected disruption to essential services.
It concluded: "The group remains confident in delivering its full-year 2026 expectations."
Liverpool-based Princes Group - which owns the iconic Royal Liver Building on the Mersey - was listed on the London market a year ago by its Italian parent Newlat, which has rebranded as NewPrinces. It bought the British firm from Japan's Mitsubishi in 2024 for £700m and retained a majority stake post IPO.
Funds from the debut have helped fund M&A activity, including the acquisition of the Plasmon baby food business from Kraft Heinz Co.
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