Bakkavor Posts 1.5% Increase In Revenue
Bakkavor Group, the UK-based provider of fresh prepared foods, has announced that group revenues were up by 1.5% for the 19 weeks to May 12, year-to-year.
The increase is on a like-for-like basis, and excludes the impact of acquisitions, disposals, closures and foreign exchange translation.
The group confirmed that, as outlined in its full-year 2017 results in February, growth in the UK was impacted by ongoing retail price inflation.
Looking ahead to the full year, Bakkavor expects revenue to benefit from improved market conditions and the positive impact of new business.
Bakkavor said that its international growth remained strong thanks to the success of new products and increased consumer demand.
In a statement, Bakkavor said, ‘The Group has kept a strict control on costs and this, together with the efficiency benefits from its ongoing capital investment programme, has helped mitigate continued input inflation.
‘The construction of four key strategic development projects in the UK, US and China are progressing as planned and these are all expected to be operational later in the year.’
It added that management expectations for the full year 'remain unchanged.’
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Aidan O'Sullivan. Click subscribe to sign up to ESM: European Supermarket Magazine.