Provider of fresh prepared food, Bakkavor Group, has enjoyed a 5.4% increase in like-for-like revenue, at £1,800.3 million, in a “historic year” marked by its public listing.
Adjusted profit before tax was also up by 13.2% to £84.8 million for the 52-week period ending 30th December 2017, compared to £74.9 million the year before, along with adjusted earnings before interest, taxes, depreciation, and amortisation also lifted by 4.2%, at £152.6 million.
Group revenue jumped by 4.6% at £1,814.8 million, however, profit before tax slipped by £24.1 million to £39 million, from £63.1 million in 2016, “largely due to public listing and refinancing costs”.
Among the company’s highlights for the aforementioned period was the “significant” capital investment programme to support growth across the group, including the start of construction on four key projects in UK, USA and China.
In addition, its listing on the London Stock Exchange has provided the capital to “accelerate strategic investments”, while the company also developed its businesses in US and China.
Agust Gudmundsson, chief executive officer of Bakkavor, commented: “This has been an historic year for Bakkavor. We have transformed the group, fully refinancing our lending facilities and listing on the London Stock Exchange, positioning us well for future growth.
“Our strong trading performance, in a highly inflationary environment, reflects both our market-leading expertise in great tasting food and the strong strategic partnerships with our customers.”
