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Bakkavor benefits from UK chilled food success

Bakkavor benefits from UK chilled food success

Chilled foods company Bakkavor has posted strong earnings for the first half of the year, with the firm hailing the recent successful sales of salads, soups, pizzas and desserts.

The UK arm of the business generated revenue of £382.4 million for the six months to June 29th, an increase of six per cent when compared to the same period 12 months ago.

Pre-tax profit was subsequently up by 820 per cent, soaring from £1.5 million to £13.9 million, while sales increased by four per cent from £792.9 million to £821.4 million.

The company stressed that the results represented a strong recovery in the sale of chilled meats, which suffered a negative impact on the back of the horse meat scandal earlier this year, despite Bakkavor not being involved.

It said in a statement: "In line with the market, we are seeing a limited recovery in ready meal sales following the impact of the horse meat contamination issue earlier this year, and we are continuing to work very closely with our customers to re-establish consumer confidence in this sector."

Another factor cited in the firm's statement accompanying its results was the sale of its business in France and Spain, which had allowed it to generate a profit of £14.5 million.

Those funds were then used to pay off its debts, along with the securing of a financial package in June, which had allowed it to put itself in a strong position for future development.

The company also said that it had restructured its ventures in both Belgium and the Czech Republic in order to allow them to focus on local markets.

One key driver of growth was the successful launch and refresh of over 500 products over the course of the last quarter.

The company said: "Included in these launches were new food to go salad options, spring and summer flavours in our soup ranges and new flavours to our dips and dressings."

 

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