Icelandic food company Bakkavör Group, which derives more than 90% of its revenues from the UK, has reported record operating profits (EBIT) for the half-year of GBP51.2m (US$95.5m), up 106% from last year. Operating profit for the second quarter rose by 85% to GBP32.8m.

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Revenues reached GBP557.1m for the first half, up 147%, and GBP298.5m for the second quarter, up 59%, while the company also recorded growth in like-for-like sales from underlying business of 10.1% for the first half.


EBITDA rose by 123% for the half-year to GBP68.0m, and by 82% for the second quarter to GBP40.7m.


In May, Bakkavör Group completed the GBP130m acquisition of Laurens Patisseries, a leading manufacturer of chilled desserts in the UK. In July,  Bakkavör also completed its acquisition of New Primebake Limited, a UK manufacturer of chilled bread products. 


“We are pleased to report another good half-year with record results,” said CEO Ágúst Gudmundsson. “Our performance in the UK in the first six months clearly demonstrates our strong position in the market – this has been further underpinned through the acquisitions of Laurens Patisseries and New Primebake. The group’s performance in Continental Europe is improving significantly and we expect our businesses in Europe to continue to improve their position going forward.”

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Shareholders’ earnings for the six-month period rose by 67% to GBP19.9m and by 83% to GBP14.0m for the second quarter, the company said. Earnings per share were 1.1 pence, up 53%, whilst return on equity was 25.2% compared with 25.5% in the comparable period in 2005.