Subscribe Login
DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5
A-Brands

Bakkavor Group Posts LFL Revenue Growth Of 12.7% In Q3

By Dayeeta Das
Share this article

Prepared food maker Bakkavor Group plc has reported 12.7% increase in LFL revenue to £542.5 million (€630.3 million) in the first quarter of its financial year.

In the UK, revenue growth was driven by price, the company noted. Bakkavor gained market share during the quarter despite pressure on household budgets impacting volumes in September.

The company saw 'strong revenue momentum' in the US, driven by sustained demand and price increases.

However, its operational performance remained challenging due to disruption as significant volumes were onboarded.

In China, the company's volumes continued to recover, with LFL revenue exceeding that of 2021, resulting in some margin improvement.

ADVERTISEMENT

Outlook

The group noted that it continued to trade in line with market expectations, and preparations for the Christmas period are progressing in line with its plans.

It has forecast adjusted operating profit for the full financial year to remain at the lower end of market expectations at approximately £90.3 million (€104.9 million).

Mike Edwards, CEO, commented, “We continue to operate in an incredibly challenging environment. Bakkavor has proven itself to be a resilient business effectively navigating the turbulence of recent years. We are now taking further decisive action to ensure we deal with the ongoing headwinds and protect future profits.

“These actions, combined with our strong balance sheet, breadth of capability and products, customer relationships and growing market share, means we are well-placed to deal with the short-term challenges, and deliver our longer-term ambitions for colleagues and stakeholders.”

© 2022 European Supermarket Magazine – your source for the latest A-brand news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days
Enjoy unlimited digital access for 30 days
Get exclusive access to the latest grocery retail & FMCG news, interviews with industry leading executives, and expert analysis on the trends shaping the sector today
Enjoy unlimited digital access for 30 days