Princes sales lift on takeover deals despite ‘inflationary pressures’

Tinned tuna maker Princes has revealed stronger sales in the face of “significant inflationary pressures” amid a boost from recent acquisitions.The food group, which also makes the Napolina and Crisp ‘N’ Dry brands, also revealed a jump in profits for the first half of the year.Recently appointed interim boss Giuseppe Mastrolia said he was “pleased” with the performance.London-listed Princes revealed that revenues grew by 7% to £999.4 million for the six months to June 30, compared with a year earlier.The company linked the increase to a benefit from recent acquisition deals, including taking control of Italian baby food business Plasmon and Princes France.It said revenue growth strengthened over the second quarter of the year.Princes said its fish business reported growing sales volumes but was impacted by lower raw tuna prices.It added that the first half was also impacted by the timing of inflation-linked price increases, which largely came into effect at the start of July and are therefore likely to support further revenue growth.The company said it is “well positioned” for the rest of the year and expects to trade in line with management expectations for 2026 as a whole.Meanwhile, pre-tax profits increased by 62% to £39.2 million compared with a year earlier.Princes also confirmed it is targeting a further £2 million of cost efficiencies.Mr Mastrolia said: “Against a challenging macroeconomic backdrop and significant inflationary pressures across a number of our key input costs, we have demonstrated the resilience of our business model and, importantly, our ability to protect profitability through disciplined commercial management and continued focus on operational efficiency.“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.”