Bakkavor reports strong financial performance in historic year

Bakkavor Group, the leading provider of fresh prepared food, has just announced its full year unaudited results for the 52 week period ended 30 December 2017.

Like-for-like revenue was up 5.4% at £1,800.3m (2016: £1,708.5m), and adjusted EBITDA grew by 4.2% at £152.6m (2016: £146.4m), with a margin of 8.4% (2016: 8.3%). Adjusted profit before tax was up 13.2% to £84.8m (2016: £74.9m).

Group revenue up 4.6%2 / 2.9% at £1,814.8m (2016: £1,763.6m), and profit before tax £24.1m lower at £39m (2016: £63.1m), largely due to public listing and refinancing costs.

CEO Agust Gudmundsson (pictured) said, 'This has been an historic year for Bakkavor. We have transformed the Group, fully refinancing our lending facilities and listing on the London Stock Exchange, positioning us well for future growth. Our strong trading performance, in a highly inflationary environment, reflects both our market-leading expertise in great tasting food and the strong strategic partnerships with our customers.

'The second half of 2017 saw volume growth impacted as UK consumers reacted to significant inflationary pressure. As expected this trend has continued into 2018 and is likely to remain until inflation eases. Later in the year, we expect our volume growth to benefit from improved market conditions and new business.

'Despite these industry-wide challenges, we are confident that our scale, track record of innovation and focus on operational efficiencies ensures we are well placed to deliver ongoing profitable growth, both from existing business and our long-term investment strategy.'