Bakkavor Group: Announced H1-2018 Results

Reykjavik / IS. (bkg) Island’s Bakkavör Group, a leading provider of fresh prepared food, announces its half year unaudited results for the 26-week period ended 30 June 2018 as follows:

  • Group revenue increased to 910.4 million GBP, up 2.8 percent on a like-for-like basis
  • International growth accelerated, with revenue up 15.4 percent on a like-for-like basis
  • Adjusted Ebitda up 1.2 percent to 78.6 million GBP, and margins held in an inflationary environment
  • Investments in operational efficiencies partly offset rising labour costs
  • Basic EPS up 5.6 GBPence to 7.0 GBPence
  • All four key development projects remain on track
  • Interim dividend of 2 GBPence per share payable on 05 October 2018

Agust Gudmundsson, Chief Executive Officer of Bakkavor, said: «We have delivered a positive performance in the first half as we continue to focus on the drivers of long term sustainable growth: leveraging our number one position in the UK fresh prepared food market, accelerating growth in high potential international markets and further improving our operational efficiency.

«Looking ahead, we continue to remain cautious and anticipate little change in underlying economic and market trends. In particular, input price volatility continues which may in turn impact consumer demand going forward. Despite these pressures, our scale, passion for food and close partnerships with our customers leave us well placed and our expectations for the full year remain unchanged».

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