Group profits are on track
Published Date:
07 August 2008
BAKKAVOR Groups's half-yearly results are in line with what the company had expected as the profitability is affected by ongoing increases in costs.
The group, which bought Geest in 2005 and owns Bourne Salads, has reported a turnover of £803m in the first half of the year and growth in like for like sales up 0.5 per cent.
Bakkavor has factories in Spalding and Sutton Bridge, as well as the fresh food supplier Bourne Salads in Spalding Road.
It has also reported an operating profit of £36.4m in the first half of the year down 36 per cent on 2007's figures.
Chief executive Agust Gudmundsson said: "The group's profitability continued to be affected by ongoing increases in raw materials and utility costs, compounded by the strength of the euro against the pound, strategic business restructuring, the downturn in consumer confidence as well as unsettled summer weather in the UK."
He added that the trading environment was expected to remain tough in the second half of the year and Bakkavor would continue to focus on driving market share growth, recovering inflationary costs, improving operation, efficiencies and restructuring of the business.
The full article contains 197 words and appears in n/a newspaper.
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Last Updated:
07 August 2008 10:04 AM
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Source:
n/a
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Location:
Stamford
