Bakkavor Q1 revenue rise as US delivers
By Frank Prenesti
Date: Wednesday 25 May 2022
(Sharecast News) - Food company Bakkavor said reported a rise in revenue for the three months to March 26, despite a hit to trading from Covid-19 lockdowns in China.
The company on Wednesday said revenue rose 11% year on year to £485.4m. Bakkavor said sales in China were "marginally" head and added that like-for-like US sales had surging by 37.4%.
"We expect the trading environment to remain challenging and for input costs to continue to escalate," Bakkavor said.
"However, we remain well placed to navigate the ongoing headwinds as our price recovery to date, combined with our continued drive for efficiency improvements and disciplined approach to cost control will help to mitigate the impact."
"Despite further recent increasing pressure on household budgets, we are highly focused on driving volumes across our categories and further strengthening our customer relationships by bringing innovation to our product ranges. We remain confident in our medium-term growth opportunity, both in the UK and internationally."
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