8th Sep 2020 11:16
(Alliance News) - Bakkavor Group PLC on Tuesday reported a mid-single-digit decrease in revenue for the first half of 2020 as coronavirus hurt its performance.
The fresh prepared food provider said like-for-like revenue for the 26-week period to June 27 was down 5.2% to GBP852.4 million, hurt by the Covid-19 pandemic. Reported revenue declined by 4.6% to GBP880.5 million.
Pretax profit, meanwhile, fell by 65% to GBP6.8 million from GBP19.5 million year-on-year.
Bakkavor said it will not be paying an interim payout, having distributed 2 pence a share a year earlier.
Going forward, the company said the steady recovery in trading seen across the business in June has been maintained into the second half of the year.
"We have taken many difficult yet necessary decisions this year to protect the long-term success of our business. Whilst there will be further challenges ahead, we remain a robust, balanced and well capitalised Group and the steps we have already taken to protect our business, combined with the recent improvement in trading, gives us confidence for the future," said Chief Executive Agust Gudmundsson.
Bakkavor shares were trading 0.9% lower in London on Tuesday at 55.00p each.
By Evelina Grecenko; [email protected]
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