Bakkavor Group (BAKK)

Sector:

Food

Index:

FTSE 250

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

Bakkavor FY profits slump amid soaring costs, inflation

By Frank Prenesti

Date: Wednesday 08 Mar 2023

LONDON (ShareCast) - (Sharecast News) - Fresh food company Bakkavor warned of a tough year ahead as 2022 profits slumped by 78% due to inflation, higher costs and changing consumer habits amid the cost of living crisis.
The company on Wednesday said pre-tax profit fell to £18m, despite a 10.6% rise in like-for-like revenue to £2.06bn due to price rises and higher US volumes. It also announced the closure of two UK sites in an effort to cut soaring costs.

Total reported revenues jumped 14.3% to £2.1bn after the benefit of the additional week to the fiscal year and foreign exchange translations were included.

Volumes in the UK were broadly flat year on year, but the prepared food group, which supplies all the big supermarkets, gained market share to offset the soft underlying demand.

"We have seen significant inflationary pressures across our cost base and on household budgets, which in turn have driven changes in consumer behaviour. We have also had to contend with supply chain disruption as global events continue to cause instability which, combined with a tight labour market, has created a difficult trading environment."

Bakkavor said it expected the "challenging" trading environment to continue into the coming year, as consumers are impacted by the cost-of-living crisis. Inflation across the cost base is also expected to persist, particularly in energy and labour, and the firm forecast an increase in costs of around 6 - 8% in 2023.

Reporting by Frank Prenesti for Sharecast.com

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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 156.00
52 Week Low 81.00
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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