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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bakkavor Group Plc | LSE:BAKK | London | Ordinary Share | GB00BF8J3Z99 | ORD 2P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -5.50 | -4.47% | 117.50 | 116.00 | 117.50 | 119.50 | 116.00 | 116.50 | 92,143 | 16:14:40 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Food Preparations, Nec | 2.2B | 51.9M | 0.0896 | 13.11 | 680.83M |
From Apr 2019 to Apr 2024
TIDMBAKK
RNS Number : 4296K
Bakkavor Group PLC
10 April 2018
10 April 2018
Annual Report and Accounts and Notice of 2018 Annual General Meeting
Bakkavor Group plc ('The Company') announces that it has today published its 2017 Annual Report and Accounts and Notice of 2018 Annual General Meeting. The following documents are being distributed or made available to shareholders electronically today, Tuesday, 10 April 2018:
-- 2017 Annual Report and Accounts -- Notice of 2018 Annual General Meeting -- Proxy Form
(together "the Documents")
In compliance with Listing Rule 9.6.1, copies of the Documents will be submitted to the National Storage Mechanism and will shortly be available on its website: http://www.morningstar.co.uk/uk/
The documents will also be available to view and download shortly from the Company's website: https://www.bakkavor.com/investors and printed copies of the documents will be available from the Registered Office of the Company from 17 April 2018.
The Company's 2018 Annual General Meeting will be held at 9.30am on Wednesday 23 May 2018 at Bakkavor's Registered Office, Fitzroy Place, 5th Floor, 8 Mortimer Street, London, W1T 3JJ.
In compliance with the information required pursuant to Rule 6.3.5 of the UK Disclosure Guidance and Transparency Rules ("DTR"), the following information about the Company and its subsidiaries ("the Group") is extracted from the Company's 2017 Annual Report and should be read in conjunction with the Company's Full Year 2017 results announcement issued on 28 February 2018. Together, these constitute the information required by DTR.6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This information is not a substitute for reading the Company's Annual Report in full.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors confirm that to the best of their knowledge:
-- The Financial Statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the Company and the undertakings included in the consolidation taken as a whole
-- The Strategic Report includes a fair review of the development and performance of the business and the position of the Group and the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face
-- The Annual Report and Financial Statements, taken as a whole, are fair, balanced and understandable and provide the information necessary for shareholders to assess the Group and Company's performance, business model and strategy.
This responsibility statement has been approved by the directors of the Company ("the Group Board") and signed on its behalf on 9 April 2018 by Agust Gudmundsson, Chief Executive Officer.
RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Company and its subsidiaries and associates are disclosed in the Company's separate Financial Statements.
Trading transactions
During the period, Group companies did not enter into any transactions with related parties who are not members of the Group.
Principal Risks and UNCERTAINTIES
Hot Features
Premium
Risk area Risk description Mitigating controls Developments
in 2017
================ ============================ =============================== ==========================
Food safety Millions of people Stringent food safety Continued to
and integrity eat our products policies in place ensure Bakkavor
Change in every day. We have throughout the organisation met all legal
risk level a duty to make and use of Hazard and customer
over past food that is safe Analysis Critical standards and
12 months: and is clearly Control Point ("HACCP") is HACCP compliant.
LEVEL and correctly labelled. principles to identify New UK Technical
Consumer safety and control food Director joined
and confidence safety risks. the team to ensure
are vital to our Employees trained standards are
business; any issue against documented continually reviewed.
that breaches that procedures. Improved approach
trust could result Food safety controls to internal audits.
in loss or reduction regularly audited
of customer business by internal and external
and also impact parties. Emerging
our credibility risks monitored by
and reputation. working with industry
and regulatory bodies.
Food safety audits
conducted for new
suppliers with regular
audits of existing
suppliers.
Regular reporting
of food safety performance
to the Group Board
and immediate reporting
of significant issues.
================ ============================ =============================== ==========================
Raw material The Group's cost Central procurement Continued to
costs base and margin team focused on achieving extend numbers
Change in are vulnerable a balance between of cost models
risk level to fluctuations price, quality, availability in place with
over past in the price and and service levels. customers through
12 months: availability of Forward purchasing inflationary
HIGHER raw materials, agreed and price period.
packaging materials variations passed Continued to
and freight. on where possible. work more collaboratively
Ability to pass Agreements in place with customers
on any increases with some customers regarding purchasing
in these costs on recovery of raw strategies.
to customers within material cost impacts. Further strengthened
a reasonable timeframe Continued focus on supplier base,
is a challenge cost reduction and particularly
and failure to productivity enhancements. in the US and
do so could impact Europe.
the Group's profitability
and hence its ability
to continue to
invest in the business.
================ ============================ =============================== ==========================
Customer We work with four Partnership model Continued to
concentration of the largest in place with customers. drive 'partnership'
Change in food retailers In the UK, customer model with four
risk level in the UK and a specific champions largest customers
over past significant proportion and teams manage to develop deep
12 months: of our revenue strategic customer relationships
LEVEL is from these customers. relationships. and arrangements.
Any major customer Relationships with Built more strategic
loss would have all grocery retailers relationships
a significant negative beyond four largest with smaller,
impact on our business. gives breadth of emerging customers.
cover. Continued to
Strong reputation evaluate opportunities
in food safety and outside mainstream
quality. grocery retailer
Reputation amongst base.
customers for strong
insights and innovation
capabilities.
Significant investment
in manufacturing
facilities and highly
complex 'just in
time' manufacturing
process.
================ ============================ =============================== ==========================
Labour scarcity Higher labour costs Specific campaigns Centralised resource
and costs and the scarcity and focus groups function to support
Change in of labour could in place targeting recruitment process.
risk level affect the Group's recruitment of future Focused on talent
over past business and employees and building development including
12 months: future profitability. attractiveness of apprenticeship
HIGHER The careers in food industry. schemes to build
Group competes Initiatives in place future talent.
with other manufacturers to enhance and upgrade Introduced Brexit
for good and dependable factory site facilities retention programme
employees. The to help attract and to offer advice
supply of such retain employees. and support to
employees is limited Central staff dedicated employees.
and competition to recruitment and
to hire and retain management of staff
them may result costs.
in higher labour Initiatives in place
costs. to support employees
Additionally, for with Brexit-related
the Group's UK concerns.
operations, Brexit
presents a risk
as historically
the Group has employed
a material number
of citizens from
the European Union.
================ ============================ =============================== ==========================
IT systems Unauthorised access Group Information Business as usual
Change in of the Company's Systems ("IS") manage continual improvements
risk level Information Technology access to business supported by
over past ("IT") systems data through strong a continuous
12 months: could lead to breaches password protection, Risk and Security
HIGHER of data protection role-based access programme.
and release of to business systems DR delivery programme
market sensitive and policies to ensure will continue
information. appropriate use. through to the
Any breakdown or The Group IS department end of 2018.
failure in the has delivered Disaster Focus areas included
Group's IT infrastructure Recovery ("DR") for improvements
or the Group's critical systems to patching regimes
communication networks, and is working towards and a number
including malicious delivering DR for of upgrade projects
cyber-attacks by important systems. to ensure services
third parties, Group IS has strict remain on supported
could delay or policies and actively platforms.
otherwise impact ensures IS infrastructure The Risk and
the Group's day-to-day and equipment are Security programme
business. sufficiently protected continued to
against malicious support the delivery
cyber attacks. of enhancements
in these areas.
================ ============================ =============================== ==========================
Health and We understand our H&S and environmental Increased central
safety and duty of care to impacts are managed resource.
the environment secure and protect by the Group's in-house Changed approach
Change in the health and experts who embed to Internal Audit,
risk level safety ("H&S") and monitor practices. increasing frequency
over past of our employees Stringent processes and moving to
12 months: and to reduce the are implemented for an unannounced
LEVEL environmental impact identifying and managing format.
of our operations. H&S and environmental Improved data
Failure to maintain risks. capture process
the H&S of employees Regular reporting to record environmental
could have a significant of H&S Key Performance performance.
reputational impact Indicators to the
and also have serious Group Board and immediate
legal consequences. reporting of significant
issues.
Culture of employee
engagement around
accident prevention
across
the Group.
================ ============================ =============================== ==========================
Loss of key We have a highly Company values used Post the public
employees experienced Senior to recruit, appraise, listing management
Change in Management team reward and develop retention initiatives
risk level who are passionate employees. devised for early
over past about our business Ongoing succession 2018 implementation.
12 months: and who are integral planning, commitment
HIGHER to our continued to training and bonus
growth and success schemes in place
as a market leader. to retain key personnel
The loss of any and manage staff
of these personnel turnover.
or the Group's
inability to recruit
new personnel would
have an adverse
impact on the Group.
We risk being unable
to achieve our
strategic growth
objectives without
the recruitment,
development and
retention of talented
and committed people
who understand
and respect our
values.
================ ============================ =============================== ==========================
Exchange In the multi-currency Treasury function Continued review
rate trading environment operates within framework of exposures
Change in in which the Group of strict Group Board-approved and subsequent
risk level operates, there policies and procedures. hedging, with
over past are inherent risks Active foreign exchange regular reporting
12 months: associated with hedging programme back to the Group
LEVEL fluctuations in maintained. Hedging Committee
foreign exchange Active policy of and Audit and
rates. hedging known non-Sterling Risk Committee.
denominated expenditure Assessment of
both for specific financial instruments
projects and on a available for
rolling basis for hedging.
material purchases.
================ ============================ =============================== ==========================
Liquidity To achieve our Financial results, New financing
and covenant growth objectives, projections and covenant arrangements
compliance we require a strong performance reviewed entered into
Change in financial platform. regularly. in 2017 with
risk level The Group has significant Open and regular extended maturity
over past facilities governed dialogue with our and reduced interest
12 months: by financing agreements lenders and an active costs. Public
LOWER under which we investor engagement bonds redeemed.
are subject to programme. Overall net debt
various financial and leverage
covenants and undertakings. reduced through
Breaching any covenant trading profit
would impair our and funds raised
ability to maintain in the public
existing financing listing.
and secure future
financing, thereby
destabilising the
business.
================ ============================ =============================== ==========================
ENQUIRIES:
Simon Witham, General Counsel and Company Secretary +44 (0) 20 7908 6142
-Ends-
About Bakkavor
Bakkavor is the leading provider in the large and fast-growing UK Fresh Prepared Food ("FPF") market, which consists of the four categories of Meals, Salads, Desserts and Pizza & Bread, and has a growing international presence in the US and China.
In the UK the Group is the number one producer by market share in all four FPF categories, supplying all of the UK's leading grocery retailers, including Tesco, M&S, Sainsbury's and Waitrose.
The International segment has operations in the US and China, supplying both retail and foodservice customers.
LEI number: 213800COL7AD54YU9949
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSURARRWOASAAR
(END) Dow Jones Newswires
April 10, 2018 06:37 ET (10:37 GMT)
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