Tuna firm Princes signals potential price rises as Iran conflict pushes up costs

Tinned tuna maker Princes has indicated it could hike prices as the conflict in the Middle East threatens to drive business costs higher.

The food firm, which also makes the Napolina and Crisp ‘N’ Dry brands, said it is seeing “renewed inflationary pressures” in its transport and logistics operations.

It said this is linked to fuel prices increasing, with both road haulage and sea freight costs rising and some carriers reintroducing fuel surcharges.

Princes said it will implement “pricing mechanisms” as necessary to offset higher costs.

On Monday, the Grocer trade publication reported the business has imposed a 5% price rise on many products as a result.

Princes told shareholders on Tuesday that it will “monitor the evolving energy and raw material environment, including the impact on fuel, sea transport, and plastic packaging costs”.

The London-listed firm said it has secured around 70% of its energy requirements for 2026 and therefore has “a good level of cost visibility and protection against near-term volatility”.

It came as the consumer group, which floated on the London Stock Exchange last year, revealed revenues of £1.9 billion for the year to December 31.

It also swung to a £55 million pre-tax profit compared with a £6 million loss in the previous reporting period.

The company said it will continue to seek targeted merger and acquisition deals to help drive growth across the business.

Princes also highlighted that it is “confident” in the current business strategy and held its guidance of at least £3 billion in revenues this year despite “current macro-economic uncertainty”.

Angelo Mastrolia, executive chairman, said: “2025 marks a step-change for Princes Group, with our successful listing and a material strengthening of our financial profile.

“The group has delivered strong profitability growth and cash generation, underpinned by a clear focus on margin expansion, capital discipline and high-quality earnings.

“We have built a robust balance sheet and a highly cash-generative platform, providing significant financial flexibility.

“This positions us to act decisively in a consolidating market, where scale, execution capability and access to capital are increasingly critical.”