Princes is making progress on finalising its maiden acquisition as a listed company, the group said this morning as it reported first-half results.
Revenues in the six months to 30 June increased 7% to £999.4m thanks to the contribution of earlier acquisitions of businesses in Europe, such as the former Kraft Heinz babyfood manufacturer Plasmon.
Princes said it had experienced softer volumes in the early part of the year following the festive period, but trading had remained resilient across core categories. There was positive momentum across oils and strong growth of its Italian portfolio, but fish revenues were hit by lower raw tuna prices.
Adjusted EBITDA in the half rose 7.5% to £79.3m as Princes benefited from synergies and cost discipline. Pre-tax profits jumped 62% year on year to £39.2m.
Interim CEO Giuseppe Mastrolia, who took the reins in July when Simon Harrison left the group, said he was pleased with the first-half performance.
“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,” he added.
“Since taking on the role of interim CEO in July 2026, I have been working closely with the leadership team to identify opportunities to further strengthen performance across the group. Our focus is on faster execution, greater accountability and commercial ownership, alongside improving the efficiency of our manufacturing network and disciplined allocation of capital and resources. Our objective is clear: to translate Princes’ considerable capabilities into stronger growth, profitability and cash generation.”
Mastrolia said M&A remained a fundamental pillar of the growth strategy. The group made “significant progress” on a number of opportunities within its pipeline and is currently in advanced negotiations in relation to two potential acquisitions. Management expected at least one transaction to be completed over the coming months.
Princes added trading momentum strengthened during the second quarter, with performance ahead of Q1, and cost price increases are expected to be reflected in the final half of the year.
“We enter the second half with a clear plan and a strong sense of urgency,” Mastrolia said. “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.”
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