Finsbury posts ‘positive’ results in challenging market

By Laurence Gibbons contact

- Last updated on GMT

Finsbury has secured growth within a challenging market
Finsbury has secured growth within a challenging market

Related tags: Finsbury food group, Investment, Capital accumulation

Speciality cake and bread manufacturer Finsbury Food Group has posted positive results with widespread growth despite operating in a “challenging” market for the first half of its financial year.

Finsbury’s sales revenues grew to £156.6M for the half year to December 26 2015, a 46% increase on the previous year.

This included like-for-like growth of 7.4% over the first half of the prior year.

Finsbury’s UK Bakery division grew by 6.1% on a like-for-like basis and its overseas division, the group’s 50% owned European business, grew by 18.8%.

‘Significant’ investment

The growth came off the back of “significant”​ promotional investment, new product development, investment in infrastructure and acquisitions, Finsbury’s ceo John Duffy said.

"Performance in the period has been strong, for both the group as a whole and also, importantly, on a like-for-like basis,” ​he said.

“We continue to operate in an environment with external pressures, however through the group’s leading position in the market, its diversified product and customer base, and its ongoing investment in the business, we are confident that we can continue to drive growth and deliver value for our shareholders.”

Boost shareholder value

Finsbury would continue to invest through capital expenditure in the business to secure future growth and boost shareholder value, Duffy added.

In June 2015, Finsbury snapped up East-Kilbride foodservice supplier Johnstone’s Just Desserts​ from administrators, saving 150 jobs.

Duffy said the business was fully integrated and performing strongly.

In October 2014, Finsbury bought Fletchers Group of Bakeries for £56M​ from Vision Capital in a bid to exploit the foodservice market, which is worth £900M – 70% of which is morning goods.

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