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Article: Bakkavor promises better times ahead.(Bakkavor Group HF)(Brief article)
- Article from:
- Grocer
- Article date:
- April 4, 2009
CopyrightCOPYRIGHT 2009 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Embattled ready-meals giant Bakkavor lost 154m [pounds sterling] in 2008, but has pledged to return to profit in 2009--and insisted it will not sell off any part of its business,
The company had 177m [pounds sterling] of one-off charges, including restructuring costs and the sale of its stake in Greencore.
Operating margins had also shrunk. Sales grew 10% year-on-year to 1.6bn [pounds sterling], boosted by Bakkavor picking up a share of the 45m [pounds sterling] M&S Italian ready-meals contract from Northern Foods, but gross profits fell from 355m [pounds sterling] to 349m, [pounds sterling]
Bakkavrr's chief financial officer Richard Howes said ...