No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - Convenience food maker Bakkavor Group boosted its full-year profits forecast on Wednesday, following a strong first half.
Like-for-like revenues from continuing operations at the FTSE 250 firm improved 1.2% to 1.1bn in the 26 weeks to 28 June, while reported revenues rose 0.9% to 1.1bn. Adjusted operating profits jumped 9.8% to 61.5m
As a result, the business - which has agreed to be taken over by pre-packed sandwich specialist Greencore in a 1.2bn deal - now expects full-year adjusted operating profits from continuing operations to be towards the upper end of guidance, for between 120m and 126m.
Mike Edwards, chief executive, said: "The business is in great shape, with momentum expected to continue in the second half.
"Looking further ahead, we have accelerated the delivery of our medium-term margin target of 6% to the 2026 full-year, one year ahead of plan."
Bakkavor sold its China business in July, and its Hong Kong operations in March, and both have therefore been excluded from the interim results.
Greencore and Bakkavor agreed to join forces earlier this year. The Competition and Markets Authority confirmed this week that it was opening a formal acquisition into the deal, which is set to create a convenience food giant with combined revenues of around 4bn.
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.