(Reuters) -British convenience food manufacturer Bakkavor on Wednesday said it expects its annual profit to be towards the upper-end of its forecast range, driven by demand for its pre-packaged products and efforts to cut costs.
The company, which sells products such as soups, dips, salads, pizzas and desserts, shut its operations in China and is looking to exit some legacy U.S. businesses as part of a strategy to streamline operations and boost margins.
“The business is in great shape, with momentum expected to continue in the second half,” CEO Mike Edwards said.
Bakkavor expects full-year 2025 adjusted operating profit from continuing operations to be towards the upper end of its projected 120 million pounds to 126 million pounds ($162.1 million to $170.2 million) range.
It has also brought ahead its medium-term margin target of 6% to the year ending December 2026, one year ahead of plans.
Bakkavor is set to be acquired by rival Greencore by early 2026, and the deal is being investigated by Britain’s competition watchdog.
($1 = 0.7402 pounds)
(Reporting by Unnamalai L in Bengaluru; Editing by Sherry Jacob-Phillips and Mrigank Dhaniwala)
