Bakkavör has reported an improvement in both like-for-like sales growth and EBITDA in the third quarter.
The fresh prepared food supplier said like-for-likes were up 7% in the quarter to £422.3m, up from 3% in the first half of the financial year.
Quarterly adjusted EBITDA rose 6% to £31m boosting EBITDA growth for the year to date to 5%.
It said successful product innovation - particularly in the pizza and desserts categories, where it had won new contracts - had helped deliver strong sales growth. It also pointed to CAPEX spending in Asia, where it has built two new facilities to support future growth there.
“Against a challenging market environment, our continued focus on outstanding product innovation and targeted capital investment has led to strong growth in both revenue and margin in the quarter,” said CEO Ágúst Gudmundsson (pictured). “Despite being cautious about the inflationary environment, we remain confident of achieving results in line with full-year expectations.”
The company also highlighted the completion of a long financial restructuring process that culminated in September in the re-domiciling of the parent company from Iceland to the UK.