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Bakkavor profit slumps in year of "challenge and disruption"

8th Mar 2023 12:31

(Alliance News) - Bakkavor Group PLC on Wednesday said its yearly revenue increased, though its bottom-line was hurt by inflationary pressure and site closure costs.

The London-based food manufacturing company said its pretax profit in 2022 fell 77% to GBP18.1 million from GBP81.4 million the year before.

Meanwhile, the company's revenue increased 14% to GBP2.14 billion from GBP1.87 billion the year prior, which has kept Bakkavor.

Bakkavor said its annual outturn was in line with market expectations.

Hurting profit, Bakkavor reported GBP50.1 million worth of exceptional items, against none a year prior. Corporate restructuring costs amounted to GBP5.3 million, UK site closure costs and impairment charges related to them totalled GBP11.8 million and GBP19.5 million.

The company declared a final dividend of 4.16 pence per share, up 5.1% from 3.96p. It means its total dividend for 2022 amounted to 6.93p per share, up 5.0% from 6.60p.

Chief Executive Officer, Mike Edwards, commented: "The decisive action we have taken to protect profits - to restructure our operations, re-focus our regional priorities and be more targeted in our investment - combined with our strong balance sheet, provide us with a stronger platform to move forward with purpose and confidence."

Bakkavor shares were 3.2% down at 103.60 pence in London on Wednesday afternoon.

By Sabrina Penty; Alliance News reporter

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