23rd May 2018 09:54
LONDON (Alliance News) - Prepared foods company Bakkavor Group PLC said on Wednesday, ahead of its annual general meeting, trading has been in line with management expectations with its annual forecasts unchanged despite price inflation in the UK.
Trading during the 19 weeks to May 12 was in line with forecast, with like-for-like revenue up 1.5% year-on-year, the company said.
As previously flagged, Bakkavor said, growth in the UK has been hit by ongoing retail price inflation sapping consumer spending power. However, the FTSE 250-listed company expects revenue to benefit from improved market conditions and new business later in the year.
The International businesses continued to see strong growth, driven by new products and increased consumer demand.
The salad maker said it has kept a "strict control" on costs and this, together with efficiency benefits from its ongoing capital investment programme, helped mitigate continued input inflation.
The construction of four strategic development projects in the UK, US and China are progressing as planned, and are all expected to be operational later in the year.
Shares in Bakkavor were down 0.5% at 198.00 pence on Wednesday morning.
Related Shares:
Bakkavor