20th Apr 2021 08:36
(Alliance News) - Bakkavor Group PLC on Tuesday reported a recovery in sales in the UK and elsewhere, as lockdown restrictions are eased, with the fresh prepared food company first benefiting from schools returning in March.
As a result of improved sales visibility, Bakkavor said it will pay its previously suspended final dividend for 2019 of 4 pence per share. It noted it has GBP200 million in headroom on its debt facilities of GBP538 million.
Group sales were down 4.4% on a year before in the 13 weeks to March 27, down 2.6% on a like-for-like basis.
In the UK, like-for-like sales were down 6.4% in the entire quarter, but down just 3.5% in March.
In the US, like-for-like sales were up 18% on levels seen at the end of 2020, while in China, first-quarter sales were up 56% on a year before. The biggest rebound from the pandemic was seen in mainland China, while demand in Hong Kong remains reduced by continued virus restrictions.
Bakkavor said it will hold its annual general meeting on May 20.
Bakkavor shares were up 1.6% to 126.95 pence early Tuesday in London.
By Tom Waite; [email protected]
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