Bakkavör reports “solid revenues” in Q1

Fresh prepared foods manufacturer Bakkavör has reported £415.8m revenue in its first-quarter results for the 13 weeks to 26 March.

The £415.8m marked a 1% rise in revenue year-on-year (YOY) for Bakkavör. Like-for-like (LFL) revenue was up 2% YOY, from £408.2m in Q1 2015, to £415.7m for the 13 weeks to 26 March 2016.

The company said the “solid revenues” were driven by “volume growth in a deflationary market”.

Adjusted ebitda showed further improvement and was up 23% YOY, from £24.7m in Q1 2015, to £30.5m in Q1 2016. The company said in the update that this was “underpinned by productivity improvements”.

Agust Gudmundsson, chief executive officer of Bakkavör, said: “I am pleased to report a good start to the group’s 30th year of trading, with both revenue and margin growth.

“We continue to make significant progress in our core markets, which gives us the confidence to accelerate our capital investment programme, supporting our customers and driving future growth.”

Bakkavör reported revenues from continuing operations of £415.8m, an increase of 1.4% on the previous year. On a LFL basis, excluding acquisitions, sold and closed businesses, revenues increased by 1.8%.

In March, Bakkavör increased annual pallet demand by 25% by securing a new deal with Pooling Partners. 

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