Innovation boosts Bakkavor results

A focus on innovation has helped fresh prepared foods manufacturer Bakkavor grow revenue across the group in its third-quarter results.

Like-for-like revenue rose by 3% year on year (yoy) to £427.1m during the 13 weeks to September 24, 2016. Year-to-date like-for-like (lfl) revenue was also up 3% at £1.27bn.

Adjusted earnings before interest tax, tax, depreciation and amortisation (EBITDA) were up 5% at £37.6m over the quarter. Year to date adjusted EBITDA was up 14% at £109.5bn.

Chief executive Agust Gudmundsson said: “We are pleased that we have delivered another strong quarter with good growth in both revenue and EBITDA across the group. Our success is driven by our continued investment in our business, a focus on efficiency and constant innovation.”

But he added in a statement that there are further challenging times to come: “Looking ahead, our sector faces a number of challenges from increasing inflation and cost pressures, but our strong operational model and strong partnerships with our customers mean that we are well placed to continue the progress of recent years.”

Bakkavor employs over 18,000 people globally, producing over 5,000 products in 18 different categories. Its dessert range includes éclairs, doughnuts, tarts, slices, trifles and profiteroles. Customers include Tesco, Marks & Spencer, Sainsbury’s, Waitrose, Asda and the Co-op.

In June Bakkavor created 470 new roles in its deli and desserts business.

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