The Bakkavor Group Plc paid £24.0m in respect of the final dividend for 2022 and £16.8m for the 2023 interim dividend declared in September.
The improved strength of the Group's financial position and continued good cash generation support the Group's long-term growth aspirations and commitment to increasing returns to shareholders. They propose a final dividend for 2023 of 4.37 pence per Ordinary share, resulting in a total dividend for 2023 of 7.28 pence per Ordinary share. This represents an increase of 5% on the prior year. If approved by shareholders, the final dividend will be paid on 29 May 2024.
Going forward, the Board expects to maintain a progressive dividend policy.
Other financial highlights include:
- Like for like revenue up 5.3% driven by price, as well as volume recovery in China
- Reported revenue up 3.0% which is adjusted for the impact of currency and the 53rd week in FY22
- Adjusted operating profit of £94.3m, up 5.5%, and ahead of market expectations
- Free cash flow of £103.2m, up £49.8m on prior year, has funded an increase in dividend and allowed them to reduce debt
- Net debt down by £55.3m has reduced leverage by 0.4 turns to lower end of target range at 1.5x
