Iceland-based Bakkavor, one of the UK’s largest producers of convenience food, has booked narrowing full-year losses as the company improved its operating profit in 2009.
Bakkavor reported an annual loss of GBP11.8m for 2009, compared to a loss of GBP154.2m a year earlier.
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The company suffered higher finance costs – which jumped 56% – but the business improved its operating profit, driving it to GBP85.4m in 2009 from GBP22m in 2008.
Turnover was up 2% to GBP1.65bn and Bakkavor CEO Ágúst Gudmundsson said the company had enjoyed sales growth within key businesses in the UK.
“Our 2009 results demonstrate a strong improvement in profit delivery, good sales growth in our key UK fresh prepared foods business and a return to significant cash generation. After two years of considerable effort to return the business to more expected performance levels we are very optimistic about our future prospects,” Gudmundsson said.
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During the fourth quarter of the year, Bakkavor also secured a refinancing of its GBP316m debts. Some 46% of the debt will be turned into share capital; the remaining debt will become a “convertible debt instrument” to mature in 2014.
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By GlobalDataClick here for the original release and click here for more insight into Bakkavor’s results.
