By By Elena Vardon
Bakkavor Group anticipates a growth in adjusted operating profit for the year 2024 after surpassing expectations in 2023.
Financial Performance
The U.K.-based prepared food provider disclosed that its pretax profit for the 52 weeks ending Dec. 30 surged to 70.3 million pounds ($89.2 million) from GBP18.1 million in the previous year. Moreover, revenue climbed by 3% to GBP2.20 billion.
Strong Results
Bakkavor exceeded projections for its adjusted operating profit, which saw a 5.5% year-over-year increase to GBP94.3 million. The company’s performance outpaced the expected range of GBP89.7 million to GBP92.7 million. Looking ahead to 2024, it aims for the metric to at least meet the upper boundary of market forecasts, ranging from GBP95.0 million to GBP99.9 million.
Positive Outlook
“We have momentum in all three regions and have started the year well,” stated Chief Executive Mike Edwards.
The group expressed confidence in the upcoming months, observing positive signs of recovery in the U.K. with plans for controlled volumes. Additionally, it foresees growth in the U.S. towards the latter part of the year, coupled with moderate expansion in China.
Dividend Declaration
As part of the London-listed group’s financial moves, a final dividend of 4.37 pence per share was announced, resulting in a total annual payout of 7.28 pence.
Comments