Good Progress By Bakkavor

 Breaking News
  • Arla Foods UK Launches New Standards Model to Bring Sustainable Change to Dairy Farming With ongoing volatility in the global milk markets, increasing consumer misunderstanding of the sector, polarised levels of support for UK dairy farmers and a new post-Brexit Agriculture Bill the challenges for dairy farmers are mounting. Farmer-owned co-operative Arla Foods has launched ‘Arla UK 360’ – a new standard in UK dairy farming. The Arla UK 360 [...]...
  • €172 Million to Promote EU Agri-food Products In and Outside the EU The European Commission will provide funding of €172.5 million from the EU agricultural budget to promote EU agri-food products in Europe and across the world. 79 campaigns, covering a wide range of products such as dairy products, olives and olive oil, and fruit and vegetables, will be rolled out over the next three years. Agriculture and [...]...
  • €40 Million VistaMilk SFI Research Centre Launched in Ireland The Irish Government has launched the new VistaMilk SFI Research Centre which is jointly funded by Science Foundation Ireland (SFI) and the Department of Agriculture, Food and the Marine. The VistaMilk Centre will be hosted by Teagasc Moorepark, in partnership with a number of research performing organisations. Multinational and SME companies in the food and ICT [...]...
  • Autumn Chill Puts Sunday Lunch Back on the Menu For UK Shoppers UK shoppers have returned to seasonal favourites as supermarket spending cools off, according to the latest figures from Kantar Worldpanel, for the 12 weeks to 7 October 2018. Overall sales grew 3.2% compared to the same 12 weeks last year. Though this is a slight slowdown from the highs reached during 2018’s hot summer, sales [...]...
  • Müller Milk & Ingredients Completes Integration and Appoints CFO Brian Watson has been appointed as Chief Finance Officer at Müller Milk & Ingredients (MMI). He joins the business from Marmon, a $7.7 billion Berkshire Hathaway company operating in the supermarket and food service sector. The appointment comes as MMI confirms completion of the biggest integration the UK dairy industry has ever seen – merging [...]...

Good Progress By Bakkavor

Good Progress By Bakkavor
February 16
12:03 2015

Bakkavor, the UK and international provider of fresh prepared foods, increased revenue by 2.6% to £1.693 billion and adjusted EBITDA by 9% to £119.9 million for the 52 weeks ended 27 December 2014. On a like-for-like basis, excluding sold and closed businesses and at constant currency, revenue growth was 4.4%. Adjusted EBITDA margin increased by 50 basis points to 7.1% as increased volumes and productivity investments helped to support margins. The restructuring of Bakkavor’s UK business was also fundamental in reducing both cost and complexity to enable margin growth.

The restructuring of the UK businesses, which was announced earlier in the year, is already delivering greater efficiencies and a strong pipeline of new product launches. As a consequence of this restructure and other reorganisation initiatives, Bakkavor incurred exceptional charges of £6.6 million in 2014, principally arising from redundancy payments.

Agust Gudmundsson, chief executive of Bakkavor.

Agust Gudmundsson, chief executive of Bakkavor.

Agust Gudmundsson, chief executive of Bakkavor, comments: “In a tough trading environment with low market growth, the group has made good progress, increasing revenues, market share, margins and cash generation. Against a backdrop of challenging market conditions, we have continued our strategy of leadership in innovation, and close partnering with our customers.”

Once again Bakkavor outperformed the fresh prepared foods market in the UK with 4% growth in like-for-like revenues to £1.520 billion. Bakkavor’s market share has grown for the third consecutive year and importantly it has increased year-on-year revenues with all of its key customers. Growth remained predominantly volume driven as the annualised effect of business wins offset the weaker underlying market.

Bakkavor’s International business has undergone significant restructuring in the past two years with the sale of its Czech and South African operations, and the closure of its Canadian unit. As a result of these transactions, revenues, as presented on a statutory basis, declined in the period by 7.7% to £172.5 million. On a like-for-like basis however, excluding the effect of these disposals and closures and adjusting for currency movements, revenues grew by 9.5%.

About Author



Related Articles

Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • October 18, 2018Future Food-Tech London - Marketing Partnership
  • October 21, 2018Int'l Food Products Exhibition (Sial)
  • October 25, 2018Italian Espresso Coffee Show (TriestEspresso Expo)
  • October 25, 2018Finnish Food Fair
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber

Subscribe Here