Bakkavor hit by subdued consumer confidence

Shares in Bakkavor (BAKK) – a provider of fresh-prepared food – tumbled by more than a tenth following the news that “subdued consumer confidence and inflationary pressures” have spilled into 2019. Management expects “little improvement in underlying market conditions” and anticipates limited UK growth, with a fall in the cash profit margin in the first half. However, second-half UK revenues should benefit from new business wins. Thus, the full-year performance is expected to be “broadly in line” with 2018.