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Bakkavor Group (BAKK) investor relations material
Bakkavor Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Delivered strong H1 2025 results with adjusted operating profit up 9.8% year-over-year and margin improvement to 5.7%, driven by US volume growth, UK pricing, and operational efficiencies.
Strategic exit from China and Hong Kong completed, generating £51m in proceeds and reducing risk exposure.
Upgraded full-year EBIT guidance to the upper end of £120–126 million, with accelerated delivery of the 6% margin target to FY26, one year ahead of plan.
Acquisition by Greencore approved by shareholders, with regulatory review ongoing and completion expected in Q1 2026.
Continued focus on UK growth, US expansion, operational excellence, and trust/ESG.
Financial highlights
Reported revenue for H1 2025 was £1,076.3m, up 0.9% year-over-year; like-for-like revenue grew 1.2%.
Adjusted operating profit rose 9.8% to £61.5m, with margin up 50bps to 5.7%.
Adjusted EPS increased to 6.4p; basic EPS fell to 2.9p due to exceptional costs.
Free cash flow of £47.3m; operational net debt reduced to £194.8m; leverage at 1.1x.
ROIC improved to 11.2%, up 190bps year-over-year.
Outlook and guidance
FY25 adjusted operating profit expected towards the upper end of £120m–£126m.
Revenue growth guidance unchanged: broadly flat, with US to see low single-digit growth and UK growth offset by site closures.
Capital expenditure guidance reduced to £65m; leverage expected to fall below 1x post-China proceeds.
Inflation impact for FY25 estimated at £65m, with recovery supported by customer pricing and efficiency gains.
6% margin target now expected to be achieved in FY26, ahead of previous plans.
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