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(Sharecast News) - Food manufacturer Bakkavor said on Thursday that full-year revenues had grown, with a strong showing in China offsetting weakness in the US.
Bakkavor said full-year revenues rose 3% to £2.20bn, principally due to higher pricing and volume recovery in China, its smallest market. Revenue rose 5.3% on a like-for-like basis.
In the UK, revenues were 3.9% higher at £1.85bn, while Chinese revenues surged 20.7% to £121.7bn. US revenues, on the other hand, fell 10.1% to £229.4m.
As a result, Bakkavor anticipates that full-year group adjusted operating profits will be at least in line with the upper end of market expectations for a print of £89.7m-£91.1m.
Chief executive Mike Edwards said: "2023 required us to develop a decisive and dynamic plan to successfully manage another year of external challenges. We executed this plan at pace and as a result, we expect to deliver improved profitability and reduced leverage for the full year.
"As we enter 2024, momentum is building in all three regions, which gives us confidence to deliver further financial improvements in the year ahead. This is clearly important as unprecedented levels of inflation have impacted profit margins over the last two years."
As of 1020 GMT, Bakkavor shares were up 2.40% at 93.79p.
Reporting by Iain Gilbert at Sharecast.com
