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Bakkavor Expects Trading Environment to Remain Challenging

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Bakkavor Expects Trading Environment to Remain Challenging

Bakkavor Expects Trading Environment to Remain Challenging
August 18
10:32 2015

Bakkavor, the fresh prepared foods group, has reported a 3% increase in revenue to £866.4 million, with like-for-like growth of 2%, for the 26 weeks ended 27 June 2015. Adjusted EBITDA (excluding exceptional) rose by 14% to £65.4 million and adjusted EBITDA margin advanced 70bps to 7.5%, underpinned by productivity investments and strict control of costs.

Strong revenue growth in the group’s international business was offset by challenging market conditions in the UK.

Bakkavor employs over 18,000 people globally and produces over 5,500 products in 18 different categories. In the UK, it is the number one producer by value in 13 of the 16 categories of chilled food it supplies to the market. Products include ready meals, pizzas, salads, desserts, soups and sauces.

Agust Gudmundsson, chief executive of Bakkavor.

Agust Gudmundsson, chief executive of Bakkavor.

Customers include some of the UK’s best known grocery retailers including Tesco, Marks & Spencer, Sainsbury’s, Waitrose, Asda and Morrisons. Bakkavor also has operations in Continental Europe, the US and Asia, supplying fresh prepared food products to both retail and foodservice customers.

Agust Gudmundsson, chief executive of Bakkavor, comments: “We expect the trading environment to continue to be challenging due to a combination of price deflation and a highly competitive grocery market. We remain focused on our core strategic objectives of close partnering with our customers and selective investment to drive growth, technical excellence and product innovation. This strategy, combined with our leading market position and improved financial strength is a strong platform and gives us confidence for the period ahead.”

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