FMCG manufacturer Premier Foods has reported strong full-year results with a 2.3 per cent revenue increase to £1.18 billion.

The business achieved a trading profit of £200.4m, which was ahead of previously forecasted expectations, with a 6.7 per cent increase year-on-year.

Premier Foods’ post-tax profit surged by 9.4 per cent to £136.6 million compared to the same period in the year prior. The group’s operating profit went up by 10.9 per cent to £200.8 million.

The overall grocery-branded revenue went up by 2.3 per cent, and sweet treats branded revenue increased by 7.3 per cent.

The successful results were driven by a strong product innovation programme, according to the business.

During the year the company expanded its range of branded products, including Mr Kipling cake bite tubs, OXO bone broth and Angel Delight bubble jelly.

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The company’s CEO, Alex Whitehouse, noted that it has been Mr Kipling’s “biggest year ever”.

Whitehouse added: “Our continued focus on delivering profitable branded revenue growth has resulted in another year of strong earnings progression, with full-year trading profit increasing to more than £200 million.

“This profit delivery is ahead of previously raised guidance and reflects further branded revenue growth and market share gains, in addition to efficiency benefits from our capital investment programme.

“Revenue from our entries into new categories grew 37 per cent this year, the launch of FUEL10K yoghurt & granola being a major highlight, and while our overseas business was impacted by a reduction of retailer stock levels of cake in Australia, we made strong progress in Europe and North America.”

The company also acquired Merchant Gourmet as part of its strategy to expand its portfolio with high-growth brands.

Premier Foods saw three of its acquired brands increase revenues by double-digits during the year.

Moving forward, the business maintained its future outlook and expects to deliver profitable revenue growth by utilising the branded growth model.