Mr Kipling cake maker Premier Foods yesterday hiked its annual profit outlook as sales growth remains in double digits thanks to a strong performance in its grocery arm. The group, which makes a raft of wellknown brands such as Oxo cubes and Bisto, said it is on track for sales in its fourth quarter to be at least 10 per cent higher than a year ago. This is putting it on track to beat earnings expectations, with underlying pre-tax profits set to be around £135m over the year to April 1, according to the firm. Trading profit is expected at around £155m, up from £141.2m the previous year. Investors welcomed the update, with shares bouncing to close up over 10 per cent.

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