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Friday 19 July 2019

Bakkavor reports higher revenue despite weak consumer confidence

The provider of fresh prepared food said revenue increased 2.2% last year.

Fresh foods provider Bakkavor said its 2018 trading performance was ‘robust’ (Martin Rickett/|PA)
Fresh foods provider Bakkavor said its 2018 trading performance was ‘robust’ (Martin Rickett/|PA)

By Maryam Cockar, Press Association City Reporter

Bakkavor posted higher revenue for 2018 despite weak consumer confidence in the UK.

The provider of fresh prepared food said its trading performance was “robust” and backed its full-year expectations.

Revenue for 2018 increased by 2.2% and on a like-for-like basis rose 3.2% compared with the year earlier.

Bakkavor, which is also the UK’s biggest maker of hummus, said that, while consumer confidence has continued to be weak, revenue on a like-for-like basis grew by 1.8% in the UK.

The international business saw good volume growth and reported a 16% increase in like-for-like revenue.

Retailers and consumer goods firms have been battling a number of headwinds including low consumer confidence and higher costs.

FTSE 250-listed Bakkavor supplies a host of UK supermarkets including Tesco, Sainsbury’s, Marks & Spencer, and Waitrose and is said to account for 30% of the UK market for freshly prepared meals, pizzas and desserts.

The company was founded more than 30 years ago by Agust and Lydur Gudmundsson and floated on the London Stock Exchange in 2017.

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