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How We Create Value

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How We Create Value

Our proven and sustainable business model is underpinned by our customer-centric approach, creating value for all stakeholders.

OUR BUSINESS MODEL
OUR KEY RESOURCES
OUR VALUE CREATION
OUR KEY STAKEHOLDERS

Our Business Model

Leverage our market leading insight, innovation and expertise to develop products that consumers desire.

1 Leverage market insight, innovation and expertise to develop new products

Responsibly source high-quality raw materials utilising our agile and well-established supply chain.

2 Responsibly source high raw materials and directly manage inbound supply chain

Manufacture Fresh Prepared Food (“FPF”) to the highest standards and at scale for our customers every day.

3 Manufacture fresh prepared food every day to the highest standards and at scale for our customers

Our Key Resources

>18,500

colleagues

45

sites across UK, US and China

>200

development chefs

>1,300

suppliers we source from

c.250

health & safety, food safety colleagues

£63.9m

invested capital in 2022

Underpinned By Our Values

Respect and trust each other
Keep the customer at the heart of what we do
Get it right,keep it right
Be proud of what we do

Our Value Creation

Skilled, engaged and progressive talent pool, embedding our values

>740

colleagues completed leadership training programmes

High-quality and great-tasting Fresh Prepared Food that meets consumers’ changing needs

32%

growth in US fresh meals revenue

Well-invested, strategically located footprint to capitalise on future growth

£36.1m

capital investment in productivity and strategic projects in 2022

Disciplined capital allocation, with robust cash flow generation and balance sheet strength, provides strong foundations

5.0%

dividend growth

Clear commitments and delivering progress under ESG focus areas

18.9%

reduction in Group net carbon emissions in 2022

Our Key Stakeholders

communities investors suppliers customers colleagues
Click on the stakeholder group above to learn more.
Our Colleagues Icon

OUR COLLEAGUES

Our people are the heart of our business, with over 18,500 diverse and talented colleagues from over 90 countries.

WHY WE ENGAGE:

  • Understand what matters to them and incorporate their views into our Group Board decision-making.
  • Make our colleagues feel valued so we can achieve our vision together.

WHAT MATTERS MOST TO THEM

  • A safe and inclusive workplace.
  • A voice in the Group’s decision-making.
  • Support and the opportunity to realise their potential.

HOW WE ENGAGE

  • Employee Engagement Survey (“EES”).
  • Site and Group Employee Forums.
  • Whistleblowing hotline ‘Speak Up!’.
  • Dedicated workforce engagement Non-executive Director.
  • Bakkavor intranet, quarterly colleague magazine (Just Made) and monthly ESG newsletter.

WHAT WE HAVE DELIVERED

86%

response rate to our 2022 EES

>670

colleagues completed our Front-line Leaders Programme
Customers Icon

OUR CUSTOMERS

We have strategic relationships across our grocery retail, online, direct-to-consumer, brand and foodservice customers.

WHY WE ENGAGE

  • Build long-term strategic relationships through ongoing engagement and investment.
  • Understand our customers’ and consumers’ needs so we can respond to new trends through innovation.
  • Support our mutual business models by a fair and transparent approach to sharing information.
  • Support our customers’ sustainability goals and ambitions as a Trusted Partner.

WHAT MATTERS MOST TO THEM

  • Insight they can leverage to develop innovative and great-tasting products.
  • High-quality products that meet technical and food safety standards, at high service levels.
  • Minimised disruption across supply chain, inflation and labour.
  • A collaborative approach to deliver progress on sustainability issues.

HOW WE ENGAGE

  • Daily engagement across development, marketing, commercial and technical functional teams.
  • Regular engagement from CEO and Customer Directors, outcomes reported back to Group Board.
  • Online surveys, focus groups and research.
  • Announced and unannounced customer audits.
  • Collaborative working with customers on shared ESG priorities.

WHAT WE HAVE DELIVERED

1,500

new and refreshed products launched in 2022

100%

of UK sites AA+ and A+ BRCGS grade
Communities Icon

OUR SUPPLIERS

Across our well-established global network of over 1,300 suppliers, we collaborate closely on supply chain management as well as responsible sourcing.

WHY WE ENGAGE

  • Source a breadth of high-quality raw materials that meet our standards of food safety and technical integrity, and support innovation.
  • Maintain continuity of the supply of raw materials.
  • Manage labour availability.
  • Ensure integrity of our supply chain through our responsible sourcing approach.

WHAT MATTERS MOST TO THEM

  • Clarity of forecast requirements.
  • Opportunities to improve, innovate and grow their business.
  • A partnership underpinned by trust and transparency.
  • Fair and open discussions on movements in input costs and pricing.
  • A collaborative approach to managing the impact of Brexit.

HOW WE ENGAGE

  • Daily engagement via workshops and conferences.
  • Relationships built on a foundation of contractual mutual agreement.
  • Agreed terms of supply, regular reviews of performance and improvement plans.
  • UK Supplier Code of Conduct, which sets expectations around topics including human rights, environmental sustainability and technical integrity.
  • Sedex online supply chain platform, which enables us monitor and assess labour practices in our supply chain.

WHAT WE HAVE DELIVERED

100%

of our UK business’s direct suppliers registered with Sedex

100%

sustainable sourcing practices for palm oil, soy in animal feed and paper packaging
Investors Icon

OUR INVESTORS

Regular shareholder engagement is important; to capture feedback, respond and promote their interests, and ultimately deliver value.

WHY WE ENGAGE

  • Share our vision, purpose and strategy, and demonstrate how we create value.
  • Establish an effective channel of communication with existing and potential shareholders to understand their priorities.

WHAT MATTERS MOST TO THEM

  • Long-term sustainable profitable growth to underpin returns.
  • Being kept up-to-date on the latest developments, challenges and opportunities within the business.
  • Fair, balanced and understandable reporting.
  • Understanding the business’s exposure and plans in relation to ESG issues, including climate risks.

HOW WE ENGAGE

  • Investor meetings, calls, conferences and events attended by CEO, CFO and Head of Investor Relations.
  • Welcome queries from shareholders.
  • Updates via our website, Annual Report and Accounts, financial results, share price information, and press releases.
  • Reporting on the Taskforce on Climate-related Financial Disclosures (“TCFD”) and the Carbon Disclosure Project (“CPA”).

WHAT WE HAVE DELIVERED

70

meetings and conferences with investors and analysts

1.9x

leverage in 2022, within target range
Suppliers Icon

OUR COMMUNITIES

We operate from 45 sites across the UK, US and China and recognise we need to act responsibly and be a trusted partner to our local communities.

WHY WE ENGAGE:

  • Be a trusted partner by upholding our high standards and capability to operate responsibly.
  • Support local economic development by creating jobs and supporting local services.
  • Remain an employer of choice in our local communities; attract and retain the best talent.

WHAT MATTERS MOST TO THEM

  • A business that acts with integrity and operates in a safe, responsible and sustainable way.
  • A reduction in environmental impact, including improvements in food waste, carbon emissions and packaging.
  • We engage with suppliers on a one to one basis to agree specific terms of supply, review performance and the requirement for improvement plans.
  • Support for local community initiatives and provision of economic opportunities for local people.
  • A business that looks after the health, safety and wellbeing of its colleagues.

HOW WE ENGAGE

  • Support across charities, schools, sports teams and projects through fundraising, donations, volunteering and educational activities.
  • Group charity partnerships and a charity events programme.
  • Food redistribution via partners and colleague outreach with charities.
  • Apprenticeship and graduate placements opportunities.

WHAT WE HAVE DELIVERED

>630

tonnes of product donated to redistributors and local charities

280

apprentices in our award-winning apprenticeship programme