BAKKAVOR GROUP PLC Financial outperformance1 and strengthened balance sheet
Like-for-like revenue2 ahead of pre-pandemic levels, up 1.2% on 2019, and up 6.2% on 2020 to
Group reported revenue up 4.4% to
Adjusted operating profit2 of
Basic earnings per share of
Free cash flow2 of
Leverage2 of 1.9x within medium-term target range, delivered 6 months ahead of previous guidance
Total dividend per share for 2021 up 10% on 2019, with final dividend of
Good strategic progress underpins future growth and improving returns
Our scale, experience, category leadership and breadth of portfolio in the
US like-for-like revenue up 31.8% and recent investments unlock capacity for further growth
Steady top-line recovery in
Group adjusted operating margin2 up 70 bps despite inflationary headwinds and labour challenges, as a result of our strict focus on cost control and operational efficiency
Group net carbon emissions reduced by 4.1%, with 'roadmap' to deliver our 2040 net zero commitment in progress
Remain well-positioned to successfully mitigate inflationary headwinds
Sales volumes in early 2022 have been encouraging, giving confidence in the continuation of the Group's revenue momentum through the year
The Group is committed to mitigating the impact of significant inflationary headwinds through continued price recovery with customers, strict cost control and productivity improvements
The Group is confident in delivering 2022 in line with market expectations1 as our established teams, commercial philosophy and dynamic ways of working equip us well for successfully navigating the tough environment
Strong cash generation and strengthened balance sheet provides flexibility for targeted investment to deliver further efficiencies and take advantage of medium-term growth opportunities
FINANCIAL SUMMARY: See details at:
https://www.bakkavor.com/en/news/news/news-details/2022/Bakkavor-Group-plc-Full-Year-Results-2021/default.aspx
Based on company compiled consensus ('Consensus') which includes the following institutions:
Alternative Performance Measures are referred to as 'like-for-like', 'adjusted', 'underlying' and are applied consistently throughout this document. These are defined in full and reconciled to the reported statutory measures in Note 13.
During the period, the final dividend relating to the period ended
'In 2021 we achieved meaningful financial and strategic progress against unprecedented industry challenges. We have continued to leverage our scale, category leadership, and strict focus on efficiency and cost control to emerge in a position of strength. Our outperformance, and the support we have given to our customers, suppliers and communities, would not have been possible without the exceptional efforts of all of our colleagues, for which I am incredibly proud.
'While we expect the significant inflationary pressures to persist, we have demonstrated our ability over the past 36 years to navigate such headwinds. I believe we are well-positioned to mitigate these challenges, giving us confidence in delivering on our expectations for the full year.'
PRESENTATION
A copy of the 2021 full year results are available on www.bakkavor.com
We will be presenting to analysts in-person and via a webcast at
ENQUIRIES
Institutional investors and analysts:
+44 (0) 20 7908 6114
Financial media:
+44 (0) 20 3128 8613
+44 (0) 20 3128 8622
+44 (0) 20 3743 8794
(C) 2022 Electronic News Publishing, source
