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 lifts full-year profit outlook

By Michele Maatouk

Date: Wednesday 31 May 2023

LONDON (ShareCast) - (Sharecast News) - Fresh food provider Bakkavor lifted its full-year profit outlook on Wednesday as it reported an "encouraging" first-quarter trading performance, in line with expectations.
In an update for the 13 weeks to 1 April, Bakkavor posted group like-for-like revenue growth of 7.6% to £522.6m, driven by price as well as a volume recovery in China.

In the UK, LFL revenue rose 8.1% to £440.3m as the company continued to win market share, thanks to strong service and net business gains. In the US, meanwhile, LFL revenue was 0.4% higher at £55.4m, with good underlying volume and price growth, which was offset by the loss of volume from a customer.

Bakkavor pointed to good revenue momentum in China, reflecting positive volume recovery after Covid. LFL revenues there increased 17.1% to £26.9m.

The company said it continued to largely mitigate inflationary pressures "through pricing, value optimisation, operational efficiency improvements and cost control actions".

With momentum expected to continue in all three regions, the group now sees full-year adjusted operating profit at the upper end of the range of market expectations of £80m to £85m.

Chief executive Mike Edwards said: "The group has made an encouraging start to trading in 2023 and, with momentum expected to continue in all regions, our outlook for FY23 is now at the upper end of market expectations.

"There is no doubt that the changes we have made as part of our restructuring plans are underpinning performance. I would like to thank our teams for embracing and embedding these changes so quickly.

"The fundamentals of our business remain strong, as we continue to win market share, demonstrate strong operational delivery and maintain a robust balance sheet. We are confident of making further progress through the remainder of this year and into 2024."

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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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