The Bakkavor Group paid an interim dividend of 2 pence per Ordinary share on 11 October 2019 and will propose a final dividend of 4 pence per Ordinary share at the Company's AGM on 21 May 2020, payable on 28 May 2020. This will result in a total dividend for financial year 2019 of 6 pence per Ordinary share, unchanged from the prior year. The Board expects to maintain a progressive dividend policy in the medium term.
Other financial highlights include:
Group revenue up 1.5% to £1,885.9m
Group like-for-like revenue up 1.7% to £1,787.2m:
- UK up marginally 0.2% to £1,559.8m in a challenging market
- International growth strong at 12.8% to £227.4m
Adjusted EBITDA pre IFRS 16 in line with prior year at £153.5m, with Adjusted EBITDA1 margins protected in the UK
Operating profit lower at £69.4m (2018: £85.6m), impacted by £20.3m of exceptional costs and £15.5m of start-up losses for new sites
Basic earnings per share of 6.4p and Adjusted earnings per share of 12.7p
Operational net debt increased by £45.5m to £354.8m due to planned capital investment
