Bakkavör has reported a 5% increase in annual like-for-like sales after growth accelerated in the final quarter of 2012.
The prepared foods company said its like-for-like sales in the final three months of the year were up 9%. Total group sales for 2012 reached £1.72bn.
The improvement on the top line fed through into higher profits. Bakkavör reported a 12% increase in quarterly adjusted EBITDA and a 7% increase in annual EBITDA to £115.1m.
“The group made good progress in 2012, particularly in the last quarter which gave the business momentum going into 2013,” said Bakkavör CEO Agust Gudmundsson.
Bakkavör said a strong seasonal offering helped the company deliver good growth in the final quarter. It added that over the full year, growth was almost entirely driven by increased volumes from promotional activity and new business.
The company launched over 2,000 products during the year. Highlights included the extension of its New York Soup Co range and new pizza business.
Bakkavör said it had made an “encouraging start” to 2013. However, it warned that the deflation in raw material pricing it experienced in 2012 was unlikely to repeat itself this year.