Bakkavor says that strong prepared salad sales helped it to increase its UK turnover by 6 per cent to £382.4 million for the second quarter of 2013.
Despite admitting that the horsemeat scandal [no Bakkavor products were implicated in the scandal] had negatively impacted on ready meal sales, the UK-based chilled foods specialist saw a four per cent increase in overall like-for-like sales and a 55.5 per cent increase in operating profits to £45m for the 26 weeks ending 29 June 2013.
Agust Gudmundsson, CEO of Bakkavor, said the sale of its French and Spanish business operations helped the firm secure £14.5 million in the second quarter, adding he remains confident for the year ahead.
He said:“We have continued to make good progress in the second quarter with strong revenue growth, increased profits and improved cash generation. The recent completion of our refinancing demonstrates support from the financial markets and reinforces the underlying strength of the business.
'While we expect trading conditions to remain challenging due to inflationary headwinds, a competitive retail environment and ongoing pressures on household budgets, we remain confident in our strategy and our market-leading position in the chilled convenience market”.
Click here to see the full financial report from Bakkavor.
