Bakkavor Group: FY-2019 Pre-Close Trading Statement

Reykjavik / IS. (bkg) Island’s Bakkavör Group, the leading provider of fresh prepared food, announces the following update for the 52 weeks ended 28 December 2019, ahead of its full-year results announcement on 27 February 2020. Group revenue on a reported basis increased by 1.5 percent and on a like-for-like* basis increased by 1.7 percent compared to the equivalent period in 2018, with encouraging progress made across the Group. Whilst consumer confidence remains weak in the UK and continued to impact underlying volume growth, revenue on a like-for-like(*) basis increased by 0.2 percent in the UK, primarily as a result of a gain in H2/2019 in Bakkavör’s meals business. The International business delivered further volume growth resulting in a 12.8 percent increase in like-for-like(*) revenue as we broaden our customer base in both regions. In the current economic environment, the Board considers this to be a solid performance and expects full-year results to be in line with expectations.

(*) Like-for-like revenue excludes associates, the impact of acquisitions, disposals, closures and foreign exchange translation.