Bakkavor lifts outlook as China volumes, prices rise

6th Sep 2023 07:48

(Sharecast News) - Food company Bakkavor on Wednesday lifted full-year guidance as higher prices and volumes in China helped it post a rise in profit and revenue for the half-year

The company on Wednesday said that with positive momentum expected to continue, it saw 2023 adjusted operating profit "at least in line" with the prior year's of £89.4m, around £4m ahead of current consensus.

Reported revenue rose by 7.9%, to £1.09bn, while adjusted operating profit was up 2.1%, to £43.4m.

"Our continued market share gains in the UK reflects our consistent delivery for customers and demonstrates that our broad product range continues to meet the needs of shoppers during the cost-of-living crisis," said chief executive Mike Edwards.

"We are confident in delivering an upgraded full year performance, with adjusted operating profit now anticipated to be at least in line with last year and ahead of current market expectations."

"This is underpinned by the execution of our restructuring, which is driving performance and synergies across the business ahead of our expectations. I am also pleased that we now have momentum building in all three regions, which is positive as we look forward."

Reporting by Frank Prenesti for Sharecast.com