Food manufacturer Princes Group has reported strong results for the first quarter, ended on 31 March, with revenue going up by 6 per cent year-on-year to £506.6m.

The company’s adjusted EBITDA increased by 17 per cent to £38.2m, driven by a strong performance in Oils and Italian products.

During the quarter the company’s net cash grew to £344m, which was due to Princes Group’s cash-generative operating model and strong underlying trading performance, according to the business.

There is currently a strong commercial momentum entering Q2, with April’s trading performance ahead of expectations year-on-year.

The CEO of Princes Group, Simon Harrison, said: “The Group delivered strong EBITDA growth, continued margin expansion and a further strengthening of its net cash position.

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”Trading trends have improved entering the second quarter, while our highly cash-generative business model and strong balance sheet continue to provide substantial strategic flexibility.

“Alongside ongoing operational and commercial initiatives across the Group, we continue to see a strong pipeline of value-accretive M&A opportunities consistent with our long-term strategy, and we remain confident in our ability to complete at least one transaction in the near term whilst maintaining our strict acquisition criteria.”

Moving forward, the company maintained a positive future outlook and expects profitability to increase during FY26 and plans to mitigate the effects of macroeconomic and inflationary pressures.

The Group’s current trading in the early part of FY26 has been in line with management expectations, and the demand within the core categories continues to remain strong, according to the report.