Interim results for the period 1 January ? 30 June 2005

Pre-tax profits £15.6 million in the first six months 2005

Pre-tax profits £15.6 million in the first six months of 2005

·       Net shareholders’ earnings £11.9 million – up by 123%

·        Net sales £226.0 million – up by 221%

·        Pro-forma growth 4.9%

·        EBITDA £30.5 million, up by 163%

·        EBITDA ratio 13.5%

·        Cash generated from operations £25.3 million – up by 124%

·        Free cash generated by operating activities £13.4 million – up by 110%

·        Total assets £1,036.6 million compared to £272.4 million, up by 281%

·        Equity ratio 11.1%, down from 37.1%

·        Earnings per share increased from £0.50 to £1.10 – up by 119%

·        Return on equity 25.5% compared with 14.0% in the first six months of 2004

·        The acquisition of Geest completed for £623.2 million

·        Loan syndication completed for the amount of £500 million 

CEO’s comments on the results

Lýdur Gudmundsson CEO:

“Bakkavör Group’s operating performance was strong in the period and the Group’s profits are the highest to date.  The Group successfully completed its acquisition of Geest in May and, as a result, the operations have changed significantly. Barclays, who underwrote our acquisition facility, has finished the loan syndication.  The integration process is going according to plan and we expect the Group to meet our expectations for the year.?

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