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Bakkavor Group PLC (BAKK)

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Wednesday 23 May, 2018

Bakkavor Group PLC

Trading Statement

RNS Number : 9247O
Bakkavor Group PLC
23 May 2018
 

23 May 2018

 

 

Trading Update

Bakkavor Group plc ("Bakkavor" or "the Group"), the leading provider of fresh prepared food, will provide the following update on current trading for the 19 weeks to 12 May 2018 at its Annual General Meeting today.

 

Trading during the period has been in line with management expectations, with Group revenue up 1.5% compared to the equivalent period in 2017 on a like-for-like basis1. As outlined at the Group's 2017 results announcement in February, growth in the UK has been impacted by ongoing retail price inflation. However, we continue to expect revenue to benefit from improved market conditions and new business later in the year. Growth in our International businesses remained strong, driven by the success of new products and increased consumer demand.

 

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 is progressing as planned and these are all expected to be operational later in the year.

 

Overall, management expectations for the full year remain unchanged.

 

1.     Like-for-like revenue excludes associates, the impact of acquisitions, disposals, closures and foreign exchange translation.

Enquiries

Institutional investors and analysts:

Tamarin Bibow, Head of Investor Relations                                                           +44 (0) 20 7908 6143

Media enquiries:

Tulchan Communications                                                                                   +44 (0) 20 7353 4200

Will Smith, Jessica Reid

 

About Bakkavor

Bakkavor is the leading provider in the large and fast-growing UK Fresh Prepared Food (FPF) market, which consists of the four categories of Meals, Salads, Desserts and Pizza & Bread, and has a growing international presence in the US and China.

In the UK the Group is the number one producer by market share in all four FPF categories, supplying all of the UK's leading grocery retailers, including Tesco, M&S, Sainsbury's and Waitrose.

The International segment has operations in the US and China, supplying both retail and foodservice customers.

LEI number: 213800COL7AD54YU9949

DISCLAIMER - forward-LOOKING STATEMENTS

This trading update, prepared by Bakkavor Group plc (the "Company"), may contain forward-looking statements about Bakkavor Group plc and its subsidiaries (the "Group"). Forward-looking statements involve uncertainties because they relate to events, and depend on circumstances, that will, or may, occur in the future. If the assumptions on which the Group bases its forward-looking statements change, actual results may differ from those expressed in such statements. Forward-looking statements speak only as of the date they are made and the Company undertakes no obligation to update these forward-looking statements. Nothing in this statement should be construed as a profit forecast. Some numbers and period on period percentages in this statement have been rounded or adjusted in order to ensure consistency with the financial information.

 


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