Fresh prepared foods manufacturer Bakkavor has said that it is 'well-placed' to capitalise on future growth opportunities, despite continued challenges in the marketplace.
In a trading update to coincide with its annual general meeting, Bakkavor said that 'subdued consumer confidence and inflationary pressures' have continued into the new year, with trading since the end of the year 'in line with management expectations'.
The group said that its guidance for the year remains unchanged, with performance expected to be broadly in line with the previous year.
'Strengthened Position'
'We continue to invest for the long-term and have further strengthened our position in the important desserts category through the recently announced acquisition of Blueberry Foods,' Bakkavor said in its statement. 'In addition, as we maintain our focus on protecting margins, at the end of April we completed the closure of Freshcook, a loss-making site in the UK.
'Elsewhere across the Group, we continue to seek further opportunities to increase operating efficiencies and optimise capacity,' it added.
The company said that demand for its products remains strong in international markets, and that it is 'excited by the opportunities' offered in the US and China, where it said it is currently structuring its businesses for long-term growth.
In the UK, meanwhile, despite 'current market challenges', the business is confident that its scale and expertise leaves it 'well placed to capitalise on future growth opportunities'.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
