Princes interim profit jumps, boosted by Italian products and oils

Princes Group PLC on Tuesday announced a higher interim profit as revenue for its Italian Products unit surged, while Fish revenue was down a notch due to lower raw tuna prices.

The Liverpool-based food and beverage maker with brands including Princes, Napolina, Branston, Batchelors and Flora said pretax profit jumped 62% to £39.2 million in the first half of 2026, from £24.2 million a year prior.

The company noted a challenging macroeconomic backdrop and "significant" inflationary pressures, adding that its performance demonstrated resilience.

Adjusted earnings before interest, tax, depreciation and amortisation were up 7.5% at £79.3 million from £73.8 million.

Revenue rose 7.1% to £999.4 million from £933.3 million. Trading momentum strengthened in the second quarter, with performance ahead of the first quarter, Princes said.

Revenue for Italian Products jumped 48% to £227.3 million, helped by the inclusion of perimeter acquisition sales, from £153.5 million.

Revenue for Oils was up 7.2% at £145.7 million, boosted by improved sales in the Polish market, from £135.9 million.

However, revenue for Fish fell 2.8% to £178.3 million from £183.5 million, with the company noting lower raw tuna prices.

Meanwhile, Drinks revenue was down 9.0% to £143.0 million, as it was impacted by a focus on maintenance and reorganisation activities, from £157.2 million.

Princes said it continued to invest in pasta sauce Napolina, including the launch of flavoured oils, increased promotional support for the oils portfolio and new listings for Napolina sauces in Tesco and pasta in Asda.

Princes declared no dividend. The firm, since late May, is running a share buyback programme for up to 6.2 million shares, expected to run until August 27, 2027 unless completed earlier or extended. It had allocated up to £25 million to the buyback programme.

Looking ahead, the company said: "Management remains firmly focused on delivering tangible results through disciplined execution of its strategic priorities, while continuing to pursue opportunities for organic growth and actively evaluating value-accretive merger & acquisition opportunities."

Interim Chief Executive Officer Giuseppe Mastrolia said: "We enter the second half with a clear plan and a strong sense of urgency. There is considerably more value to unlock across Princes and I am confident in our ability to deliver it. Our priority is not simply to set ambitious targets, but to achieve them - through disciplined execution, faster decision-making and an unwavering focus on delivering tangible results for our customers and shareholders."

Princes shares were flat at 302.00 pence each on Tuesday around noon in London.

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