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Bakkavor Group PLC on Wednesday hailed a recovery from Covid, in particular in China, as revenue in the 13 weeks to April 1 climbed from a year prior. The London-based food manufacturing company said revenue during the time increased 9.0% to £529.3 million from £485.4 million a year prior. In its largest market, the UK, revenue climbed 8.1% to £440.3 million from £407.4 million. In the US, it grew by 11% to £61.2 million from £55.1 million. Its China business had the largest recovery, climbing 21% to £27.8 million from £22.9 million. Looking ahead, Bakkavor said it expects strong operational performance and price recovery in the UK to offset lower underlying volumes. In the US, its focus on profitability ‘is starting to deliver in line with our expectations,’ while in China, Bakkavor noted a boost from diversification into retail amid continued volume momentum. Chief Executive Mike Edwards said: ‘The fundamentals of our business remain strong, as we continue to win market share, demonstrate strong operational delivery and maintain a robust balance sheet. We are confident of making further progress through the remainder of this year and into 2024.’ Bakkavor shares were 1.5% higher at 93.60 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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