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Bakkavor Group PLC - London-based fresh prepared food firm - 2020 operating profit falls by 11% to GBP62.0 million from GBP69.4 million in 2019, while pretax profit drops to GBP44.2 million from GBP43.8 million. 2020 revenue down by 4.9% to GBP1.79 billion from GBP1.89 billion in 2019 due to lower consumer demand, particularly across its food-to-go range. Notes no dividend will be paid for 2020 due to the impact of Covid-19 throughout the year, as dividend payments remain under review until trading improves. Its 2019 final dividend was suspended.
"Despite the UK government's roadmap, with lockdown restrictions in the UK continuing into the spring, the short-term trading environment remains uncertain, but we are encouraged by the way consumers have returned to our fresher, healthier and more convenient foods each time these restrictions have lifted. The actions taken in 2020 to preserve cash and protect profitability across the business, combined with the successful turnaround of our US business, and the strength of our financial position, leave the group well placed to deliver further growth," says Chief Executive Agust Gudmundsson.
Looking ahead, Bakkavor says its "business is in good shape" and expects to build on this momentum into 2021 and in the future.
Current stock price: 103.18 pence
Year-to-date change: up 27%
By Zoe Wickens; zoewickens@alliancenews.com
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