UK: We are "outperforming" market, says Bakkavor
Bakkavor said it was growing market share and improving margins
UK own-label supplier Bakkavor said today (14 August) it was growing its market share and had "outperformed" the fresh prepared food market after reporting higher sales and profits.
Bakkavor posted a 3% rise in like-for-like sales to GBP442.5m for the second quarter, with adjusted margins at the EBITDA level up 30 basis points.
CEO Agust Gundmundsson said Bakkavor had enjoyed a "strong" first half of 2014 and had been building its market share.
Looking ahead, he added: "We expect the trading environment to continue to be challenging with the UK grocery market remaining highly competitive. Although the discounters continue to gain ground, we remain absolutely committed to supporting the growth plans of our existing customers. To achieve this, we are significantly increasing our capital spend to underpin recent business wins and we continue to invest heavily in product innovation."
For the six months to 28 June, Bakkavor booked operating profit of GBP30.4m, compared to GBP29.1m a year earlier.
Revenue reached GBP842.1m, versus GBP821.4m in the first half of 2013.
However, Bakkavor's net profit was down thanks to items including GBP14.5m of profit from now discontinued operations. Bakkavor's net profit stood at GBP3.1m, against GBP18.8m a year earlier. Net profit from continuing operations hit GBP3.3m, versus GBP3.4m last year.
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