Financial results: Finsbury, Britvic and First Milk

By Alice Foster contact

- Last updated on GMT

Finsbury Food Group, Britvic and First Milk financial results
Finsbury Food Group, Britvic and First Milk financial results

Related tags: Generally accepted accounting principles, Chief executive officer, Britvic

Three food and drink manufacturers have posted positive financial results, with Finsbury Food Group seeing a jump in revenue and Britvic and First Milk reporting profit rises. 

Speciality baker Finsbury posted sales revenue up 78% to £102M in the first four months of its financial year, which started at the end of June.

The bakery manufacturer also saw organic growth​ rise 10% to £5.8M, following the acquisition of Fletchers Group of Bakeries in 2014 and Johnstone’s Just Desserts this year. 

Finsbury results – at a glance

  • Sales revenue up 78% to £102M
  • Organic growth up 10% to £5.8M

“Whilst consumer confidence has improved, the economic and trading outlook remains uncertain and we anticipate that the Fletchers and Johnstone’s acquisitions will drive the majority of the group’s growth in this financial year,”​ said its trading update.

“The board believes our larger, more diversified speciality bakery group is a strong multi-channel business, well equipped to deliver growth and improved shareholder value over the coming years.”

Britvic posts rise in profit 

The UK’s number two soft drink producer Britvic saw pre-tax profit rise by 11% to £147M in the year to September 27 2015. But the firm’s revenue was down 0.6% to £1.3bn, despite 0.9% volume growth. 

Britvic chief executive officer Simon Litherland said:“We have delivered another strong set of results, with margin growth and profit significantly ahead of last year, despite challenging market conditions. 

“In all of our core markets, we continued to take volume and value share.”​ 

Britvic results – at a glance

  • Revenue down 0.6% to £1.3bn
  • Pre-tax profit up 11% to £147M

Litherland highlighted the acquisition of Brazilian soft drinks firm​ Ebba earlier this year and promised significant investment to boost growth in 2016.

“We have established the route to market for Fruit Shoot multi-pack in the USA, which we will launch in the first half of calendar 2016,” ​he said.

“We are also planning a major investment programme in GB, which will deliver further efficiencies and flexibility in our supply chain.”

First Milk returns to profit

First Milk has announced that operating profit hit more than £1M in the six months to September 30, compared with a £7.6M loss in the same period last year.

The dairy co-operative’s debt​ has dropped from more than £60M in March 2015 to £46M at the end of September.

First Milk ceo Mike Gallacher said: “The actions taken to reduce costs, improve quality, and drive operational performance are delivering results, with further progress planned over the next year.

“We are confident that this will deliver improved milk prices and a more sustainable business model for our farmer shareholders.”

First Milk results – at a glance

  • Operating profit of £1.1M, compared with £7.6M loss in same six months last year
  • Debt of £46M at end of September, down from more than £60M in March 2015

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