Bakkavor Group (BAKK)

Sector:

Food

Index:

FTSE 250

154.00p
   
  • Change Today:
      1.50p
  • 52 Week High: 156.00p
  • 52 Week Low: 81.00p
  • Currency: UK Pounds
  • Shares Issued: 579.43m
  • Volume: 84,110
  • Market Cap: £892.32m
  • RiskGrade: 195

Bakkavor revenue tops pre-Covid comparator in 2021

By Josh White

Date: Tuesday 08 Mar 2022

LONDON (ShareCast) - (Sharecast News) - Prepared food provider Bakkavor reported a 6.2% improvement in like-for-like revenue in its full-year results on Tuesday, taking it above pre-pandemic levels in 2019, to £1.89bn.
The London-listed firm said group reported revenue was 4.4% higher at £1.87bn, while adjusted operating profit was £102m, up 22% and ahead of market expectations.

Basic earnings per share rose 3.9p to reach 9.8p for the 52 weeks ended 25 December, while free cash flow rose £51.1m to £91.2m.

The company said its leverage, at 1.9x, was within its medium-term target range and delivered six months ahead of its previous guidance.

Its dividend per share was 10% higher than the pre-Covid comparator in 2019, with the board proposing a final dividend of 3.96p per ordinary share.

Looking ahead, Bakkavor described sales volumes in early 2022 as "encouraging", giving it confidence in the continuation of its revenue momentum through the year.

The group said it was "committed" to mitigating the impact of significant inflationary headwinds through continued price recovery with customers, strict cost control and productivity improvements.

It also said it was "confident" in delivering 2022 in line with market expectations, given its established teams, commercial philosophy and "dynamic ways of working".

Bakkavor said its strong cash generation and strengthened balance sheet provided it with flexibility for targeted investment, to deliver further efficiencies and take advantage of medium-term growth opportunities.

"In 2021 we achieved meaningful financial and strategic progress against unprecedented industry challenges," said chief executive officer Agust Gudmundsson.

"We have continued to leverage our scale, category leadership, and strict focus on efficiency and cost control to emerge in a position of strength.

"Our outperformance, and the support we have given to our customers, suppliers and communities, would not have been possible without the exceptional efforts of all of our colleagues, for which I am incredibly proud."

Gudmundsson said that, while Bakkavor expected the "significant inflationary pressures" to persist, it had demonstrated our ability over its 36-year history to navigate the headwinds.

"I believe we are well-positioned to mitigate these challenges, giving us confidence in delivering on our expectations for the full year."

At 0923 GMT, shares in Bakkavor Group were up 2.31% at 111.31p.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Bakkavor Group Market Data

Currency UK Pounds
Share Price 154.00p
Change Today 1.50p
% Change 0.98 %
52 Week High 156.00p
52 Week Low 81.00p
Volume 84,110
Shares Issued 579.43m
Market Cap £892.32m
RiskGrade 195

Bakkavor Group Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
46.22% above the market average46.22% above the market average46.22% above the market average46.22% above the market average46.22% above the market average
18.52% above the sector average18.52% above the sector average18.52% above the sector average18.52% above the sector average18.52% above the sector average
Price Trend
94.96% above the market average94.96% above the market average94.96% above the market average94.96% above the market average94.96% above the market average
93.10% above the sector average93.10% above the sector average93.10% above the sector average93.10% above the sector average93.10% above the sector average
Income
63.45% above the market average63.45% above the market average63.45% above the market average63.45% above the market average63.45% above the market average
42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average42.86% above the sector average
Growth
8.86% below the market average8.86% below the market average8.86% below the market average8.86% below the market average8.86% below the market average
48.15% above the sector average48.15% above the sector average48.15% above the sector average48.15% above the sector average48.15% above the sector average

What The Brokers Say

Strong Buy 3
Buy 2
Neutral 2
Sell 0
Strong Sell 0
Total 7
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Bakkavor Group Dividends

  Latest Previous
  Final Interim
Ex-Div 25-Apr-24 14-Sep-23
Paid 29-May-24 13-Oct-23
Amount 4.37p 2.91p

Trades for 19-Jul-2024

Time Volume / Share Price
16:35 3 @ 154.00p
16:35 47,161 @ 154.00p
16:35 221 @ 154.00p
16:35 630 @ 154.00p
16:35 296 @ 154.00p

Bakkavor Group Key Personnel

CEO Mike Edward
CFO Ben Waldron

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