LONDON (Alliance News) - Bakkavor Group PLC on Friday reiterated expectations for 2018 as it reported 1.8% like-for-like revenue growth for its core UK division despite weak consumer confidence.
The company, which makes salads, pizza, ready meals and soups on behalf of UK supermarkets like Tesco PLC, J Sainsbury PLC, WM Morrison Supermarkets PLC and Waitrose, recorded 3.2% year-on-year growth in group like-for-like revenue for the 52 weeks to December 29.
Reported revenue increased 2.2%.
Bakkavor's international division, comprising businesses in the US and China, delivered "good" volume growth leading to a 16% year-on-year jump in like-for-like revenue.
"In the current economic climate, the board considers this to be a robust performance and confirms expectations for the full year are unchanged," the company said in a short statement.
In 2017, the company generated revenue of GBP1.81 billion and adjusted earnings before interest, taxes, depreciation and amortisation of GBP152.6 million.
Bakkavor (BAKK)