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Investing.com -- London-listed prepared food provider, Bakkavor, on Tuesday reported a decline in pretax profit for the fiscal year ending on Dec. 28, 2024.
The company’s profit fell to £68.6 million ($87.1 million), down from £70.3 million in the previous year. This decrease was largely due to a one-time cost of £20.2 million, primarily associated with the closure of the company’s site in Wigan, U.K.
Despite the fall in profit, Bakkavor saw an improvement in its adjusted operating profit, which excludes exceptional and other one-off costs.
It rose by over 20% to reach £113.6 million. Additionally, the company’s profit margin increased to 5.0% from 4.3%.
In terms of revenue, Bakkavor reported a 4% increase, reaching £2.29 billion. On a like-for-like basis, which accounts for volume growth in all regions and higher prices, the revenue rose by 5.1%.
The board of the company has declared a dividend of 8.00 pence per share, an increase from the 7.28 pence per share a year earlier.
Looking ahead, Bakkavor stated it anticipates further improvement in its profit margin as it aims to reach its target of 6% in fiscal 2027.
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