Bakkavor Group plc (BAKK.L), a provider of fresh prepared food, reported that its profit before tax for fiscal year 2024 declined to 68.6 million pounds from 70.3 million pounds in the prior year.
But annual profit rose to 55.7 million pounds or 9.5 pence per share from last year's 53.9 million pounds or 9.2 pence per share, as the improvement in trading performance was largely offset by exceptional costs.
Annual adjusted earnings per share increased by 3.5 pence to 12.3 pence from the prior year's 8.8 pence, driven by the strong improvement in trading performance and decrease in finance and tax costs.
Reported revenue for fiscal year 2024 increased by 4.0% to 2.293 billion pounds from 2.204 billion in the prior year. Like-for-like revenue grew by 5.1% to 2.301 billion pounds from the prior year.
The Board has proposed a final dividend of 4.80 pence per ordinary share. This results in a total fiscal year 2024 dividend of 8.00 pence per ordinary share, up 10% on last year. The final dividend record date will be 25 April 2025 and, subject to shareholder approval at the AGM on 22 May 2025, will be paid on 28 May 2025.
Going forward, the Board expects to maintain a progressive dividend policy and for the level of increase to be more closely aligned to historical levels at c.5% per annum.
Trading in early 2025 has started in line with expectations. Revenue is expected to be broadly in line with fiscal year 2024, with the impact of the Wigan closure being largely offset by underlying growth in all three regions. Fiscal year 2025 adjusted operating profit is expected to be in line with market expectations as it continues to deliver on the four pillars of its strategy.
The company said it remains confident in delivering its 6% adjusted operating profit margin in fiscal year 2027.
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