Bakkavor Group PLC on Tuesday maintained a positive outlook for 2024 after reporting a jump in annual profit and lifting its dividend.

The London-based fresh prepared food manufacturer said pretax profit more than tripled to £70.3 million in 2023, from £18.1 million the year before.

Revenue rose 2.8% to £2.20 billion, from £2.14 billion in 2022 due to higher pricing. Meanwhile, like-for-like revenue increased by 5.7% to £1.85 billion from £1.75 billion a year ago.

Bakkavor proposed a final dividend of 4.37p per share, up 5.0% from 4.16p the year prior, bringing its total dividend to 7.28p, an increase from 6.93p a year ago.

Looking ahead, the firm said trading in 2024 has ‘started well’, adding that it expect to deliver 2024 adjusted operating profit at least in line with the upper end of market expectations of £97.1 million with a range of £95.0 million to £99.9 million.

Commenting on the firm’s results, Bakkavor Chief Executive Officer Mike Edwards said: ‘I am proud of the group’s performance, which has been delivered ahead of expectations.

‘We have momentum in all three regions and have started the year well. This gives us confidence that we will deliver 2024 at least in line with the upper end of market expectations, and we will be relentless in looking for further opportunity to improve our business,’ he added.

Shares in Bakkavor were up 3.1% at 99.00 pence each in London on Tuesday morning.

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