Robust performance in line with market expectations and balance sheet strength maintained
Like-for-like revenue1 exceeded
Adjusted operating profit1 of
Operating profit of
Good free cash1 generation of
Free cash flow2 of
Leverage1 of 1.9x maintained within the target range, continued to operate with over
Total 2022 dividend per share of 6.93p up 5.0%; proposed final dividend of 4.16p per Ordinary share.
Strong foundations underpin resilient performance
Strong US revenue momentum, with growing demand for fresh meals. Operational challenges, from the pace of growth and customer contractual dispute, however, put pressure on profits.
Trading in
Largely mitigated impact of c.
Investment in our people through pay and engagement activities had a positive impact, and labour pressures have eased; availability improved, and employee turnover has tracked down in H2 2022.
Targeted approach to sustainability delivered good progress;
Clear plan in place to protect 2023 profits, on track to deliver targeted savings
Early FY23 trading encouraging;
Near-term focus in the US shifted from growth to profit; operational improvement and cost reduction plans being embedded, with a more measured approach to growth to help minimise disruption.
Positively in
Plan on track to deliver
The cash costs of implementing the plan are
Confident in delivering 2023 adjusted operating profit within the range of market expectations2, as our clear strategy, action plan, scale, strong relationships and balance sheet strength, leave us well-placed to move forward with confidence.
FINANCIAL SUMMARY
'2022 has been a year of challenge and disruption. Despite this difficult environment, I am pleased with the robust financial performance, strong operational delivery and the agile response demonstrated by our teams, which has underpinned this delivery. I would like to thank the entire team for their ongoing commitment and relentless energy in dealing with the challenges that we faced through the year.
The decisive action we have taken to protect profits - to restructure our operations, re-focus our regional priorities and be more targeted in our investment - combined with our strong balance sheet, provide us with a stronger platform to move forward with purpose and confidence.'
PRESENTATION
A copy of the 2022 full year results is available on www.bakkavor.com/en/investors/results-and-presentations
We will be presenting to analysts in-person and via a webcast at
See full release at: https://www.bakkavor.com/en/news/news/news-details/2023/Bakkavor-Group-plc-Full-Year-Results-2022/default.aspx
ENQUIRIES
Institutional investors and analysts:
+44 (0) 20 7908 6114
Financial media:
+44 (0) 20 3743 8794
+44 (0) 20 3128 8613
+44 (0) 20 3128 8622
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