New figures have shown that sales and profits surged at Northamptonshire-based Weetabix during the first quarter of its US parent company’s financial year. For the three months to 31 December 2020, Post Holdings has reported net sales of $113.5 million for the cereal maker, up 11.8 per cent or $12 million, from the same period in 2019.
The rise, according to Post Holdings, reflected a “favourable foreign currency exchange rate tailwind of approximately 280 basis points”.
The primary drivers of this growth, which had a volume growth of 8.3 per cent, were biscuit products, extruded products (primarily resulting from lapping capacity constraints in the prior year period), private label products and exports, which were partially offset by declines in bar and drink products (resulting from reduced on-the-go consumption in reaction to the Covid-19 pandemic).
The figures also show that Weetabix’s segment profit was $28.1 million, an increase of 18.6 per cent or $4.4 million, compared to the prior year period. Its segment adjusted EBITDA was $37.3 million, an increase of 16.9 per cent or $5.4 million.
Meanwhile, Post Holdings itself has reported net sales of $1.5 billion and an operating profit of $166.3 million for the period.