Princes closed the first half of 2026 with growing sales and profitability, despite significant inflationary pressures affecting some of the key production costs of the British food group, best known for its canned tuna and brands such as Napolina and Crisp 'N Dry.
In the six months ended June 30, revenue increased 7% year-on-year to £999,4 million, boosted by recent acquisitions, including Italian baby food company Plasmon and Princes France, while the pace of sales growth strengthened further in the second quarter.
The seafood division recorded an increase in sales volumes, although revenue performance was impacted by the decline in tuna raw material prices. Overall results for the first half of the year were also impacted by the timing of the price increases introduced to offset inflation, which largely came into effect only at the beginning of July and are therefore expected to further support revenues in the second half of the year.
Even more marked was the improvement in profitability, with pre-tax profit rising 62% year-on-year to £39,2 million, a result the company attributes to disciplined commercial management and a continued focus on operational efficiency, despite the challenging macroeconomic environment.
Princes also confirmed its target of achieving a further £2 million in savings and believes it is well positioned for the remainder of the financial year, forecasting full-year 2026 results in line with management expectations.
New interim CEO Giuseppe Mastrolia said he was satisfied with the group's performance, emphasizing the company's ability to defend margins even in the face of sharp increases in production costs.
"In a challenging macroeconomic environment characterized by significant inflationary pressures on some of our key costs, we have demonstrated the resilience of our business model and, above all, our ability to protect profitability through disciplined commercial management and a constant focus on operational efficiency," Mastrolia said.
According to the manager, the company enters the second half of the year with a defined strategy and the need to proceed quickly with its implementation, leveraging the benefits of acquisitions, pricing interventions, and cost control.
"We enter the second half of the year with a clear plan and a strong sense of urgency. There is still much value to unlock within Princes, and I am confident in our ability to achieve this goal," Mastrolia concluded.
