Total revenue for the fourth quarter reached £416.3M, while like-for-like revenue also climbed by 4% to reach £421.5M.
While margins were impacted by raw materials inflation, that was partly offset by efficiencies generated from further volume growth. Full-year total revenue reached £1,649.8M.
Bakkavor boss Agust Gudmundsson said the group had made excellent progress on delivering its strategic objectives for last year.
‘Successful refinancing’
“We completed a successful refinancing, exited a number of overseas operations and restructured certain low margin businesses,” said Gudmundsson. “This was achieved whilst still growing our revenues ahead of the market, protecting our margin from significant raw material inflation and delivering double digit growth in free cash generation.”
Trading conditions were likely to remain challenging, particularly due to inflationary pressures, said Gudmundsson. But he added that the firm began its new financial year with good business momentum and confidence in its strategy.
In January Bakkavor sold its South African prepared fruit business, Spring Valley Foods, for an undisclosed sum.