The Bakkavor boss Agust Gudmundsson has reported, what he termed, “strong growth” in both revenue and margin revealed by the chilled own-label food company’s third quarter results released yesterday (November 8).
Like-for-like sales were up 7% for the quarter and 4% for the year-to-date, compared with the same periods of 2011.
Earnings before interest, tax, depreciation and amortisation reached £86M for the year-to-date, a rise of 5% on the same period of last year.
Ceo Gudmundsson said: “Against a challenging market environment, our continued focus on outstanding product innovation and targeted capital investment has led to strong growth in both revenue and margin in the quarter.”
Inflationary environment
He added: “Despite being cautious about the inflationary environment, we remain confident of achieving results in line with full year expectations.”
Bakkavor attributed the growth – achieved in a highly competitive market, characterised by “the consumer's continued demand for promotions” – to product innovation and partnering customers to grow category share.
The firm repeated double digit growth in the pizza and desserts categories.
Bakkavor added that it had completed its financial restructuring programme and the relocation of its domicile from Iceland to London.
