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Bakkavor Half Year Results for the 26 weeks ended 28 June 2014

14 August 2014

The Group reported revenues of £434.2 million for the 13 weeks to 28 June 2014, an increase of 1.3% on the prior year. On a like-for-like basis, excluding sold and closed businesses and at constant currency, revenue growth was 3.2%.

  • Adjusted EBITDA margin up 30 basis points, driven by efficiency improvements and cost savings in the UK, and encouraging progress from our overseas businesses

  • Once again we outperformed the UK fresh prepared food market with 3% growth in like-for-like revenues in the quarter

  • Significant increase in capital investment to underpin business wins and support our customers’ growth plans

  • Improved trading performance and strong cash conversion continues deleveraging trend

Commenting on the results, Agust Gudmundsson, Chief Executive Officer said:

“The Group delivered a strong first half performance, building our market share whilst also improving margins. We expect the trading environment to continue to be challenging with the UK grocery market remaining highly competitive. Although the discounters continue to gain ground, we remain absolutely committed to supporting the growth plans of our existing customers. To achieve this, we are significantly increasing our capital spend to underpin recent business wins and we continue to invest heavily in product innovation.”

Like-for-like revenue excludes the impact of acquisitions, disposals, closures, and foreign exchange translation but includes the Group’s share of revenue generated by associates.

Adjusted EBITDA - The Group manages the performance of its businesses through the use of ‘Adjusted EBITDA’. EBITDA is generally defined as operating profit / loss before share of results of associates, depreciation, amortisation and asset impairments. In calculating Adjusted EBITDA, we further exclude restructuring costs and those additional charges or credits that are one-off in nature and significance. Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenue from continuing operations.

Free cash flow is defined as the amount of cash generated by the business, after meeting all its obligations for interest, tax and pensions, and after investments in tangible assets.

UK fresh prepared food market declined by 0.7% – Kantar World Panel, 12 weeks ended 23 June 2014.

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