Blog: Dean BestBashful Bakkavor

Dean Best | 2 April 2009

No wonder Bakkavor is staying so tight-lipped.

In recent months, as the economy plunged has into recession, Icelandic food company Bakkavor has been one of the companies that suggested not all food makers were "recession-resilient".

The company has seen its profits tumble and it has been forced to restructure the business, which has, in turn, led to plant closures and job losses. The group has also lost money on its investment in Ireland's Greencore due to the banking crisis.

Clearly these factors have had a severe impact on the company’s 2008 results, as Bakkavör yesterday (1 April) posted an annual loss of loss of GBP154.2m (US$222m).

Nonetheless, the company has insisted that its restructuring is paying off and that although it expects trading conditions to remain "challenging", it anticipates returning to profit growth and seeing "good cash generation" this year.

Needless to say, just-food was keen to quiz the company on its 2008 performance and how it sees the year ahead.

My first set of questions were returned urging me to refer to the press release and presentation on the company’s website.

Unperturbed and keen to get to the bottom of the company’s problems, as well as ask about the positive points of the results, I responded with further questions, asking for a bit more “colour”.

My answer was short and sweet and comprised, in brief, of three sentences once again referring me to the press release, and another informing me Bakkavor was “unable to disclose such information”.

2009 will be a tough year for many in the food industry and it will be fascinating to see how Bakkavor will fare.

Michelle Russell, reporter.


BLOG

Another reshuffling of pack at Hain Celestial

Hain Celestial, under the scrutiny of the investment community in recent months and facing some challenges in its domestic market, has announced another shuffling of its management pack....

BLOG

FrieslandCampina looking to sell final non-dairy asset

FrieslandCampina, which today served up higher profits but lower sales for 2016, is ready to offload the last non-dairy business owned by the Dutch cooperative giant....

BLOG

just-food back up and running

To follow on from our earlier notice and after some hard work from our technical team, just-food is back live after today's power outage....

BLOG

Storm Doris causes power outage at just-food

Much of the UK has felt the impact of Storm Doris today - and just-food's head office has been no exception....

just-food homepage



Forgot your password?