Ready meals agency Bakkavor has upgraded its full-year revenue outlook to the higher finish of its steering vary after sturdy efficiency within the first half.
Like-for-like income grew by 1.2% within the first half, pushed by sturdy quantity development within the US and pricing within the UK.
Bakkavor noticed 9.8% development in adjusted working revenue to £61.5 million (€70.7 million) with margin up 50 foundation factors to five.7%.
Working revenue for the interval amounted to £37.5 million (€43.11 million), together with £24.0 million (€27.6 million) of remarkable prices, together with Greencore Group plc transaction prices.
In Could of this yr, Greencore agreed to the phrases of a advisable acquisition of Bakkavor in a deal valued at £1.2 billion (€1.4 billion).
One other Sturdy Efficiency
Mike Edwards, CEO of Bakkavor, commented, “The primary half of 2025 has seen one other sturdy efficiency by the group as we continued to maneuver at tempo, delivering on our technique and driving additional margin enchancment.
“The enterprise is in nice form, with momentum anticipated to proceed within the second half, and we now count on to ship in the direction of the higher finish of our beforehand guided FY25 revenue vary.”
The corporate added that it has accelerated the supply of its medium-term margin goal of 6% to FY26 – one yr forward of plan.
Earlier this week, Britain’s competitors regulator launched an investigation into Greencore’s acquisition of peer Bakkavor, setting a deadline of 27 October for a choice, Reuters reported.
The Competitors and Markets Authority had mentioned in July that it was weighing a probe into whether or not the £1.2 billion ($1.62 billion) deal might have an effect on competitors within the nation or in different markets, the report famous.
