Bakkavör sees revenue and underlying profit growth

Bakkavör, a leading food manufacturer, has unveiled 16% growth in its third-quarter underlying profit.

The company said adjusted ebitda had improved in the 39 weeks to 26 September 2015 to £418.2m, up from £409.1m for the same period the year before. Revenue ticked up slightly too by 3% to £419.9m.

Agust Gudmundsson, chief executive officer, said: “The group has reported an excellent set of results, with revenue growth, margin improvement and strong cash conversion. We expect trading conditions to remain challenging, particularly due to intense retailer competition. However, we approach the Christmas period with good momentum and we remain confident in our strategy for the future.”

The company employs 18,000 people globally and produces some 5,500 products in 18 different categories. Gudmundsson said its revenue growth had been underpinned by its international business.

The company added that year-to-date revenue was £1.25bn, up 3%, and adjusted ebitda also increased by 12% to £85.8m.

The group hit the headlines last month after garlic bread worth £93,000 was taken off the shelves for not being its advertised weight.

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