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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.50 | 1.27% | 119.50 | 117.50 | 119.50 | 119.50 | 117.50 | 118.00 | 150,644 | 16:29:53 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Food Preparations, Nec | 2.2B | 51.9M | 0.0896 | 13.34 | 692.41M |
From Apr 2019 to Apr 2024
TIDMBAKK
RNS Number : 3417V
Bakkavor Group PLC
08 April 2019
8 April 2019
Bakkavor Group plc
2018 Annual Report and Accounts and Notice of 2019 Annual General Meeting
Bakkavor Group plc ('the Company') announces that it has today published its 2018 Annual Report and Accounts and Notice of 2019 Annual General Meeting. The following documents are being made available to shareholders electronically today, Monday 8 April 2019:
-- 2018 Annual Report and Accounts -- Notice of 2019 Annual General Meeting
(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/investor-relations and printed copies of the documents will be available from the Registered Office of the Company from 18 April 2019.
The Company's 2019 Annual General Meeting will be held at 9.30am on Thursday 23 May 2019 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 2018 Annual Report and should be read in conjunction with the Company's Full Year 2018 results announcement issued on 28 February 2019. Together, these constitute the information required by DTR 6.3.5 to be communicated to the media in 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; and
-- 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 and signed on its behalf on 5 April 2019 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 Risk Trend
2018
============================= =============================== ======================
Food safety Millions of people Stringent food safety The level
and integrity eat our products every policies in place throughout of risk has
day. We have a duty the organisation and remained unchanged.
to make food that use of Hazard Analysis
is safe and is clearly Critical Control Point
and correctly labelled. principles to identify
Consumer safety and and control food
confidence are vital safety risks.
to our business; any Employees trained against
issue that breaches documented procedures.
that trust could result Food safety controls
in loss or reduction regularly audited by
of customer business internal and external
and also impact our parties. Emerging risks
credibility and reputation. monitored by 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 Board and immediate
reporting of significant
issues.
================= ============================= =============================== ======================
Raw material The Group's cost base Central procurement The risk has
and input and margin are vulnerable team focused on achieving marginally
cost inflation to fluctuations in a balance between price, increased
the price and availability quality, availability due to ongoing
of raw materials, and service levels. uncertainty
packaging materials Forward purchasing around Brexit.
and freight. agreed and price variations
Ability to pass on passed on where possible.
any increases in these Agreements in place
costs to customers with some customers
within a reasonable on recovery of raw
timeframe is a challenge material cost impacts.
and failure to do Continued focus on
so could impact the cost reduction and
Group's profitability productivity enhancements.
and hence its ability
to continue to invest
in the business.
================= ============================= =============================== ======================
Reliance We work with four Partnership model in Customer concentration
on a small of the largest food place with customers. has remained
number of retailers in the UK In the UK, customer-specific unchanged.
key customers and a significant champions and teams
proportion of our manage strategic customer
revenue is from these relationships.
customers. Relationships with
Any major customer all grocery retailers
loss would have a beyond the four largest
significant negative gives breadth of cover.
impact on our business. Strong reputation for
food safety and quality.
Reputation amongst
customers for strong
insights and innovation
capabilities.
Significant investment
in manufacturing facilities
and highly complex
'just in time' manufacturing
process.
================= ============================= =============================== ======================
Manpower Manpower scarcity Specific campaigns Brexit concerns
scarcity and higher labour and focus groups in have increased
and costs costs could affect place targeting recruitment the risk.
the Group's business of future employees
and future profitability. and building attractiveness
The Group competes of careers in the
with other manufacturers food industry.
for good and reliable Initiatives in place
employees. The supply to enhance and upgrade
of such employees factory site facilities
is limited and competition to help attract and
to hire and retain retain employees.
them may result in Central staff dedicated
higher labour costs. to recruitment and
Additionally, for management of staff
the Group's UK operations, costs.
Brexit presents a Initiatives in place
risk as historically to support employees
the Group has employed with Brexit-related
a material number concerns.
of citizens from elsewhere
in the European Union.
================= ============================= =============================== ======================
IT systems Unauthorised access Group Information Systems Cyber threats
and cyber of the Company's Information ("IS") manage access have become
risk Technology ("IT") to business data in more common
systems the UK through strong in the wider
could lead to breaches password protection, economy. Whilst
of data protection role-based access to the Group
and release of market business systems and has increased
sensitive information. policies to ensure investment
Any breakdown or failure appropriate use. in this area,
in the Group's IT The Group IS department overall the
infrastructure or has delivered Disaster risk has
the Group's communication Recovery ("DR") for marginally
networks, including all critical systems increased.
malicious cyber-attacks in the UK and is working
by third parties, towards delivering
could delay or otherwise DR for other important
impact the Group's systems.
day-to-day business. Group IS has strict
policies and actively
ensures UK IS infrastructure
and equipment are sufficiently
protected against malicious
cyber attacks.
Local teams in the
US and China are developing
our IS infrastructure
capabilities.
================= ============================= =============================== ======================
Health and We understand our H&S and environmental The level
safety duty of care to secure impacts are managed of risk has
and protect the health locally by our teams remained unchanged.
and safety ("H&S") and managed by the
of our employees and Group's in-house experts
to reduce the environmental who embed and monitor
impact of our operations. practices.
Failure to maintain Stringent processes
the H&S of employees are implemented for
could have a significant identifying and managing
reputational impact H&S and environmental
and also have serious risks.
legal consequences. Regular reporting of
H&S Key Performance
Indicators to the Group
Board and immediate
reporting of significant
issues.
Culture of employee
engagement around accident
prevention across the
Group.
================= ============================= =============================== ======================
Investment Much of our future Detailed planning and Increased
and development growth will sharing of best practice investment
be delivered from within the Group minimises in development
new factory risk. projects has
builds and acquisitions. increased
This adds a level execution
of execution risk risk.
to
continuing operations.
================= ============================= =============================== ======================
Liquidity, To achieve our growth Financial results, Liquidity
interest objectives, we require projections and covenant metrics have
rates, exchange a strong performance reviewed remained unchanged.
rates and financial platform. regularly.
covenant The Group has significant Open and regular dialogue
compliance facilities governed with
by financing agreements our lenders and an
under which we are active investor engagement
subject to various programme.
financial covenants Treasury function operates
and undertakings. within framework of
Breaching any covenant strict Group Board-approved
would impair our ability policies and procedures.
to maintain existing Active foreign exchange
financing and secure hedging programme maintained.
future financing, Active policy of hedging
thereby destabilising known
the business. non-sterling denominated
expenditure both for
specific projects and
on a rolling basis
for material purchases.
================= ============================= =============================== ======================
Brexit disruption It is possible that We have recently obtained Current uncertainty
the way in which Brexit AEO status which should regarding
is delivered will help us streamline the outcome
result in disruption and simplify our import of Brexit
at the UK ports leading processes. has increased
to increasing costs Longer-life packaging the risk.
and availability problems, and raw material stocks
especially with short will be increased as
life raw materials, necessary.
which ultimately might
impact sales volumes.
================= ============================= =============================== ======================
Disruption Catastrophic damage Building and property The level
to Group to one of our food management protocols of risk has
operations factories by fire, are employed and audited remained unchanged.
flood or IS disruption in conjunction with
would interrupt supplies. our property insurers.
Business continuity
plans are in place
and for many products
alternative Bakkavor
factories could supply
in the event of
a major issue.
================= ============================= =============================== ======================
Sustainability To continue with our We are increasing our Increased
growth agenda we must focus and monitoring pressure from
ensure that the business of performance and our customers
is developing in a development in relation and consumers
sustainable way. to carbon, waste, water, to demonstrate
plastics and responsible sustainability
sourcing. has increased
the risk.
================= ============================= =============================== ======================
Consumer Changes in consumer We work closely with Higher prices
behaviour demand due to a serious our customers to adapt arising from
and demand change in the UK economy to changing consumer weaker sterling
or other consumption trends. and changing
factors could impact demand focus
our plans. has increased
risk.
================= ============================= =============================== ======================
Competitors The Group operates Developing and maintaining The level
in a highly competitive strong working relationships of risk has
market. with our customers remained unchanged.
underpinned by high
service levels and
constant product development
and innovation.
================= ============================= =============================== ======================
ENQUIRIES:
Simon Witham, General Counsel and Company Secretary +44 (0) 20 7908 6142
-Ends-
ABOUT BAKKAVOR
Bakkavor is the leading provider of fresh prepared food ("FPF") in the UK, with a growing international presence in the United States and China. The Group is the number one by market share in the UK in the four FPF product categories of Meals, Salads, Desserts and Pizza & Bread, providing high-quality, fresh, healthy and convenient food. Its customers include all the well-known UK grocery retailers as well as some of the world's best-known international food brands.
The Group's International segment operates in the US and China. As these FPF markets continue to grow, Bakkavor seeks to leverage its UK expertise in order to build its presence in these territories.
Bakkavor was founded in 1986 and has its headquarters in London. The Group has over 19,000 employees and operates 25 factories in the UK, 5 in the US and 9 in China.
LEI number: 213800COL7AD54YU9949
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
ACSUVAVRKSASRAR
(END) Dow Jones Newswires
April 08, 2019 02:00 ET (06:00 GMT)
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