Bakkavor announce a proposed final 2022 dividend of 4.16 pence per Ordinary share, resulting in a total dividend for 2022 of 6.93 pence per Ordinary share. This represents an increase of 5.0% on 2021 and is in line with the interim dividend announced in September 2022. If approved by shareholders, the final dividend will be paid on 5 June 2023.
Other financial highlights include:
Like-for-like revenue exceeded £2bn, up 10.6%, with growth led by price and US volume. Including the 53rd week and currency impact, reported revenue of £2,139.2m was up 14.3%.
Adjusted operating profit of £89.4m, in line with market expectations. Whilst inflation has largely been mitigated through pricing and self-help measures, profits were down £12.6m.
Operating profit of £37.8m includes £50.1m of exceptional items, primarily related to the Group's restructuring plan.
Good free cash generation of £66.8m (2021: £91.2m), which supported debt reduction, dividend payment and the purchase of shares to satisfy awards under the Group's share scheme plans.
Leverage of 1.9x maintained within the target range, continued to operate with over £200m of liquidity headroom and a good level of protection from interest rate rises.