Princes Group has reported revenue of £1.52 billion for the first nine months of 2026, up 10% on the same period last year, and said it remains confident of meeting its full-year expectations.

The Liverpool-based food and drink group, which owns brands including Princes, Napolina, Branston, Batchelors and Flora, published a trading update for the nine months to 30 September 2026 on Tuesday 10 November.

Revenue rose to £1,515.5 million from £1,377.1 million a year earlier, driven by the integration of recent acquisitions including Princes France, Newlat GmbH and Plasmon. Adjusted EBITDA increased by 6.4% to £116.2 million, with the margin broadly stable at 7.7% against 7.9% in 2025, despite higher energy and fuel costs.

Growth across the group

On a like-for-like basis, revenue grew by 3.3% in the third quarter, helped by stronger trading in fish and oils, which more than offset softer performances in foods, drinks and Italian products. Third-quarter adjusted EBITDA rose 8.5% to £37.8 million.

By business unit, Italian products led the growth, with revenue up 56.5% to £341.9 million. Oils rose 9% to £222.1 million, fish was up 3% to £280.6 million and foods edged up 0.8% to £450.8 million, while drinks fell 6.4% to £220 million.

By country, UK revenue dipped 1.3% to £996 million, while Italy surged 131.7% to £155.2 million and Germany rose 55.7% to £87.5 million, reflecting the group's growing European footprint.

Underlying free cash flow remained strong at £88.4 million, a conversion rate of 77%, and net cash increased to £368.7 million at 30 September, up from £311.1 million at the end of 2025.

Record tomato campaign and Be Ready boost

Princes said its Italian tomato business had a record processing campaign at its Foggia facility, completed at the end of September, with production of more than 200,000 tonnes, more than double the previous year's output. Sales for the entire 2026 campaign have already been secured, supporting around £130 million of incremental revenue, mostly expected to be recognised during 2027.

The group also reported a rise in demand for its ambient food products, including canned fish, meat, fruit and vegetables, since the launch of the UK Government's Be Ready campaign on 22 October, which encourages households to keep three days' worth of essential supplies.

Brand highlights included a national Napolina campaign, the launch of Napolina Sauces and Princes Ocean Select Tuna in the UK, and Princes being named UK Seafood Brand of the Year for a third consecutive year. In Italy, the launch of Princes tuna through GS, formerly Carrefour Italia, reached 880 stores, ahead of an initial target of 700, with consumer sales of more than €2 million.

Interim chief executive Giuseppe Mastrolia said: “Our performance over the first nine months of 2026 demonstrates the resilience of our business and the strength of our strategy, particularly against the backdrop of a challenging UK economic environment, persistent inflationary pressures and continued consumer uncertainty.”

Princes said trading momentum remained positive into the fourth quarter, reaffirmed its full-year 2026 expectations, and kept its medium-term target of a 9% adjusted EBITDA margin. Integration of the Santa Vittoria business is planned for early 2027, and the company said further acquisition processes were under way.