The company raised prices in its last financial year and will do so again in the coming months as it grapples soaring costs from energy and ingredients.
Shares rose by 6% as the company raised its dividend by 20% to 1.2p per share and maintained its outlook for sales despite growing warnings that price rises across the food sector were turning shoppers away from branded goods in favour of value ranges.
A report from consultants McKinsey was the latest to point out that behaviour was changing in response to the cost of living crisis, with supermarkets also starting to lose custom to discount rivals. But chief executive Alex Whitehouse told investors he was"confident of delivering another year of good progress" after taking market share across its ranges.
He said in the results statement:" Yet again, our brands have grown faster than their categories, with revenues increasing nearly 10% vs two years ago as they gained volume and value market share in Grocery and Sweet Treats both instore and online. "Mr Kipling enjoyed its best year ever, benefitting from sustained levels of marketing investment and a series of new product launches."
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