UK own-label firm Bakkavor has reported an “improvement” in its revenue and margins in a set of mixed half-year numbers.
The company booked a 3% increase in like-for-like revenue for the first six months of 2012 to GBP853.3m (US$1.34bn), which it claimed was “predominantly” driven by higher volumes.
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It posted a 2.9% rise in gross profit to GBP226.2m and a 5% gain in adjusted EBITDA, which excludes restructuring costs, asset impairments and other one-off charges, to GBP55m.
On a reported basis, sales fell 2% thanks to the closure of two businesses in the UK and the sale of a French asset.
Operating profit and net profit both fell as Bakkavor cycled last year’s first half, which included over GBP9m in benefits from pension credits and a legal settlement.
CEO Agust Gudmundsson said: “The first half of 2012 has seen us continue to achieve good growth with like-for-like sales contributing to an additional GBP2.6m of adjusted EBITDA year-on-year. Against a difficult market backdrop we have continued to focus on product innovation and our relationships with key customers, helping us to maintain leading positions in our chosen categories.”
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By GlobalData
