UK food group Princes reports £38.2m adjusted EBITDA for Q1, up 17% year-on-year, as M&A plans advance.
UK food-and-drinks supplier Princes posted a 17% rise in adjusted EBITDA to £38.2m for the first quarter, driven by revenue growth and recent acquisitions. Revenue increased 5.9% year-on-year to £506.6m, supported by new businesses including Italian baby-food brand Plasmon.
The company’s Italian Products division saw revenue surge 44% to £115m, reflecting integration gains from acquisitions made by parent NewPrinces. Princes noted softer volumes early in the year due to seasonal trends and retailer inventory adjustments.
Princes confirmed an active M&A pipeline and expects to complete at least one acquisition within the next two months, though timing remains uncertain.