(Alliance News) - Fresh food specialists Bakkavor Group PLC on Thursday said revenue rose in its recently ended financial year but noted that weak market conditions held back its growth in the UK.
In the year ended December 28, revenue rose by 1.5% year-on-year, and by 1.2% on a like-for-like basis, amid "encouraging progress" across the business, Bakkavor said.
In the UK, like-for-like sales were 0.2% higher, with Bakkavor explaining that weak consumer confidence hurt underlying volume growth.
In its international unit, which includes its operations in the US and China, like-for-like revenue rose by 13%.
Bakkavor said: "In the current economic environment, the board considers this to be a solid performance and expects full-year results to be in line with expectations."
Bakakvor shares were 0.6% lower at 136.40 pence each in London on Thursday morning.
By Eric Cunha; ericcunha@alliancenews.com
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Bakkavor (BAKK)