Princes Group sales rise as canned tuna giant benefits from acquisitions

The food group, also behind the Napolina and Crisp ‘N’ Dry brands, reported a jump in profits for the first half of the year amid significant inflationary pressures

Tinned tuna giant Princes has reported robust sales growth despite facing “significant inflationary pressures”, buoyed by a series of recent acquisitions.

The food group, which is also behind the Napolina and Crisp ‘N’ Dry brands, posted a sharp rise in profits for the first half of the year.

Recently appointed interim chief executive Giuseppe Mastrolia said he was “pleased” with the performance.

The London-listed firm revealed revenues climbed 7% to £999.4 million for the six months to 30 June, compared with the same period a year earlier.

The company attributed the uplift to the benefit of recent deals, including the takeover of Italian baby food business Plasmon and Princes France.

Revenue growth was said to have gathered pace over the second quarter of the year.

Princes noted that its fish division recorded rising sales volumes, though this was offset by a decline in raw tuna prices.

The group added that the first half was also affected by the timing of inflation-linked price increases, which largely came into force at the start of July and are therefore expected to underpin further revenue growth going forward.

The company said it is “well positioned” for the remainder of the year and anticipates trading in line with management expectations for 2026 as a whole.

Pre-tax profits, meanwhile, surged 62% to £39.2 million compared with the prior year.

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.”