Reykjavik / IS. (bkg) Island’s Bakkavör Group, the leading international provider of fresh prepared food, announced its audited results for the 52-week period ended 30 December 2023 (FY-2023). Chief Executive Officer Mike Edwards: «I am proud of the Group’s performance, which has been delivered ahead of expectations. I would like to thank everyone at Bakkavor for their energy and commitment in embracing our clear plan to drive change, which has made our business stronger than ever.»
Strong financial performance – profit ahead of expectations and leverage reduced
- Like for like revenue up 5.3 percent driven by price, as well as volume recovery in China
- Reported revenue up 3.0 percent which is adjusted for the impact of currency and the 53rd week in FY22
- Adjusted operating profit of GBP 94.3m, up 5.5 percent, and ahead of market expectations
- Free cash flow of GBP 103.2m, up GBP 49.8m on prior year, has funded an increase in dividend and allowed us to reduce debt
- Net debt down by GBP 55.3m has reduced leverage by 0.4 turns to lower end of target range at 1.5x
- Total dividend per share up 5 percent on prior year, reflecting strong performance and confident outlook
Mike Edwards: «We have momentum in all three regions and have started the year well. This gives us confidence that we will deliver 2024 at least in line with the upper end of market expectations, and we will be relentless in looking for further opportunity to improve our business.»
For additional information please read the Company’s PDF file below (190 KB | 15 pages):
20240326-BAKKAVOR-FY2023.