Shareholders' Earnings £9.6 million
Business Highlights Q1 2007
•Turnover £349.4 million
•Growth in like-for-like sales in underlying business 13.8%
•Shareholders' earnings £9.6 million, up 66%
•Operating profit (EBIT) £25.4 million, up 37%
•EBITDA £35.1 million, up 28%
•EBITDA ratio 10.0%
•EBITDA ratio, net of agency sales change 10.7%
•Pro-forma EBITDA up 12.3%
•Cash generated from operations £38.2 million, up 36%
•Free cash generated by operating activities £16.9 million, up 36%
•Equity £246.9 million compared with £241.4 million at year end 2006, up 2%
•Equity ratio 18.6%, up from 18.2% at year end 2006
•Earnings per share 0.45 pence, up 24%
•Return on equity 16.2% compared with 18.1% in 2006
•Dividend paid on 24 April which corresponds to 50% of issued share capital
•Refinancing completed in Q1 providing new £700 million banking facility on
favourable terms
Ágúst Gudmundsson, Chief Executive Officer, said:
“We are pleased to report an encouraging start to the year. Group UK sales
remain robust in the fresh prepared foods and the produce markets. As well as
strengthening our operations in Continental Europe we are taking pioneering
steps in product innovation in the region. We are committed to further
strengthening our position as a global fresh prepared foods provider, focusing
on growth in new markets. The fresh prepared foods market in Western Europe is
expected to grow by 20% in the next four years and by 30% in China. We are well
positioned in our target geographical markets to benefit from these
opportunities.”
Further Information:
Ásdís Pétursdóttir
Investor Relations, Bakkavör Group
investor.relations@bakkavor.com
Tel: +354 858-9715
