Bakkavor Group, a leading provider of prepared food based in the U.K., has projected a slight increase in revenue for 2024 compared to the previous year. Despite experiencing single-digit growth in 2023, the company remains optimistic about its future prospects.
In the 52 weeks ending on December 30, Bakkavor Group reported a 3.0% rise in revenue, reaching £2.20 billion ($2.79 billion). This growth can be attributed to higher pricing and increased volume in China, the company's smallest market. On a like-for-like basis, revenue rose by 5.3%, although this represents a slowdown compared to the 10.6% growth achieved in the previous year.
While acknowledging the challenging consumer environment in the U.K. and the ongoing restructuring of its U.S. business, Bakkavor Group anticipates continued low volumes. Nevertheless, the company expects its adjusted operating profit for 2023 to meet or exceed market expectations.
As Bakkavor Group enters 2024, Chief Executive Mike Edwards expresses confidence in the company's momentum across all three regions. He foresees further financial improvements ahead, which will be crucial considering the significant impact of inflation on profit margins over the past two years.
With positive expectations for the future, Bakkavor Group's shares have seen a rise of 2.8 pence or 3.1%, reaching 94.4 pence as of 0855 GMT.
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