Bakkavör enjoys positive Q1 growth

Like-for-like revenues at fresh prepared foods company Bakkavör increased by 6% in the first quarter, thanks to favourable weather and successful new products.

The company, which supplies supermarkets with own-label products, including pizzas, desserts and garlic bread, saw sales reach £414.3m for the 13 weeks ended 29 March 2014, compared to £389.7m during the same period in 2013.

Bakkavör has now sold its South African business and 40% of its Italian operation as part of a “strategic reshaping, which will focus on the core growth markets of the UK, the USA and Asia”.

Commenting on the results, Agust Gudmundsson, chief executive, said: “It has been another quarter of good growth for the group, as we partner closely with key customers and deliver new products. We expect the trading environment to continue to be challenging, with the UK grocery market remaining highly competitive. However, we are confident in our strategy and are focused on the long-term objectives for the group.”

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