Bakkavor delivers strong revenue growth in FY24
By Iain Gilbert
Date: Thursday 16 Jan 2025
(Sharecast News) - Food manufacturer Bakkavor said on Thursday that it had delivered strong revenue growth in the year ended 28 December, with profit ahead of market expectations and a strengthened balance sheet.
Bakkavor said group like-for-like revenues were up 5.1% at £2.3bn, with reported revenues 4.0% higher at £2.29bn due to the impact of currency fluctuations and its China Bakery up to disposal.
The FTSE 250-listed group said it had seen improved volumes and some price recovery in the UK, while its US operations returned to growth in H2 as strong operational delivery supported a step up in profit, and volumes strengthened in China, driven by retail and adding new foodservice customers.
As a result, Bakkavor anticipates FY24 adjusted operating profits to be at least in line with the upper end of market expectations of £108.0m to £111.5m.
Looking forward, Bakkavor added that it was confident of continuing to deliver against its strategy as it remains focused on driving adjusted operating profit margin to 6% in the medium-term
Chief executive Mike Edwards said: "We delivered a strong performance in 2024 as we continue rebuilding our margin and strengthening our balance sheet. Throughout the year we have delivered excellent quality, service and innovation for our customers, culminating in exceptional delivery of our Christmas peak."
As of 1015 GMT, Bakkavor shares were up 5.65% at 151.08p.
Reporting by Iain Gilbert at Sharecast.com
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