Reykjavik / IS. (bkg) Islandic Bakkavor Group, the United Kingdom’s leading fresh prepared foods manufacturer, announced its full year results for the 52 weeks ended 26 December 2015. Highlights:
- Continued revenue growth, with a strong recovery in our International businesses
- Adjusted Ebitda margin improvement underpinned by productivity investments
- Leverage ratio now less than three times through excellent cash conversion
- Greater focus on growth markets through acquisition and investment
- Strengthening of ownership structure supports Group’s long term strategic objectives
- Part-redemption of Senior Secured Notes leads to more cost effective financing
Commenting on the results, Agust Gudmundsson, Chief Executive Officer said: «I am very pleased that as we celebrate Bakkavor’s 30th anniversary in 2016 we can report that the Group is in a very strong position, with revenue growth, margin improvement and excellent cash conversion. In January this year we also announced the strengthening of the Group’s ownership structure and I am delighted to welcome The Baupost Group LLC, our new shareholder, to the Group. This marks a turning point for Bakkavor and we look forward to working with Baupost to deliver on our long term strategic objectives».
Results in million GBP |
Q4/2015
|
Q4/2014
|
Change
|
FY/2015
|
FY/2014
|
Change
|
Revenue |
419.3
|
412.4
|
2%
|
1’674.5
|
1’633.5
|
3%
|
Like-for-like Revenue |
414.5
|
410.1
|
1%
|
1’646.2
|
1’620.2
|
2%
|
Adjusted Ebitda |
34.0
|
27.5
|
24%
|
129.7
|
113.3
|
14%
|
Adjusted Ebitda margin |
8.1%
|
6.7%
|
140bps
|
7.7%
|
6.9%
|
80bps
|
Free cash flow |
27.2
|
12.7
|
14.5
|
92.6
|
43.7
|
48.9
|
Outlook
Against a background of challenging market conditions, the Group has, once again, reported an excellent set of results. The Group expects trading conditions to remain challenging over the coming months due to pressures from the competitive retailer environment and rising labour costs. However, we are confident about our future performance given the positive market dynamics and our ongoing commitment to invest. The complete statement is available on the Group’s web server.
OTHER TOPICS FROM THIS SECTION FOR YOU:
- LG Chem and ADM: Joint Ventures in Illinois are canceled
- Wendy’s: Company plans to expand into Europe
- Delivery Hero: may face significant fine due to antitrust violations
- Emmi Group: intends to acquire Mademoiselle Desserts
- AB Foods: announces strong H1-2024 performance
- DSM-Firmenich: Queen Maxima inaugurates new dual head office
- RBI: Announces Investments to Drive Growth in China
- Europastry S.A.: puts its IPO process on hold
- McCormick: Reports Second Quarter Performance
- Reborn Coffee: Closes Master License Agreement for UAE
- General Mills: Reports Fiscal 2024 Fourth-Quarter Results
- SunOpta expands plant for processing plant-based beverages
- Britannia: Operating profit grew 10 percent in FY-2023
- Tate + Lyle and CP Kelco to merge to leading global player
- Ülker Bisküvi: announces Q1-2024 financial results
- Europastry: intends to go public on the Spanish stock exchange
- Europastry S.A.: publishes 2023 Annual Report
- Swisslog: announces new Americas region headquarters
- Reborn Coffee: Expanding Omni-Channel Strategy
- Mondelez International and Lotus Bakeries Join Forces