Finsbury profits grow by over £4M

By Gwen Ridler

- Last updated on GMT

Finsbury's profits grew by 40% in the 53 weeks leading to July 2 2016
Finsbury's profits grew by 40% in the 53 weeks leading to July 2 2016

Related tags Hot cross bun

Finsbury Food Group’s pre-tax profits soared by 40% in the 53 weeks to July 2 2016, driven by acquisitions and strong sales.

The group’s preliminary results released today (September 19) revealed operating profit for the company was up 37.7% to £17.1M, with profit before tax at £16M, an increase of 40.8%

Group revenue grew by 24.8% to £319.7M, while its gross profit rose 30% to £102.6M.

Finsbury Food Group ceo John Duffy said the company had focused on delivering its growth strategy becoming the leading speciality bakery group in the UK focused on high quality products.

‘Significant top and bottom line growth’

“There has been significant top and bottom line growth, as a result of considerable efforts across the whole company,” ​said Duffy.

“The integration of Fletchers and Johnstone’s has been one of our priorities, and we continue to invest across all aspects of the business to deliver a stronger platform for future growth and ensure our long-term competitiveness.”

Finsbury acquired the Fletchers group of bakeries in 2014 and foodservice supplier Johnstone’s in 2015.

Duffy added: “Looking ahead, our strongly performing businesses and a robust balance sheet positions us well to both take advantage of growth opportunities and mitigate challenges ahead.”

Revenue was up 5.3%

The company’s foodservice channel accounted for 21.2% of its total UK bakery sales, compared with 12% in 2015. Revenue was up 5.3% on a like-for-like basis which was ahead of market growth, according to Finsbury.

The group reported new investments, including: new innovation for muffins and doughnuts and hot cross bun capacity and innovation which led to a greater number of hot cross buns produced for Easter.

Duffy said the group remained as dedicated and focused as ever. He remained confident that the patient, unwavering strategy adopted by the company would reap benefits for the business in the years ahead.

Finsbury Food Group preliminary results – at a glance

  • Operating profit up 37.7% to £17.1M
  • Profit before tax up 40.8% to £16M
  • Group revenue grew by 24.8% to £319.7M
  • Gross profit rose 30% to £102.6M
  • Foodservice channel 21.2% of its total UK bakery sales
  • Revenue was up 5.3% on a like for like basis

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