Finsbury Food Group continues expansion plans

By Michelle Perrett

- Last updated on GMT

The company will continue to build on higher growth opportunities
The company will continue to build on higher growth opportunities

Related tags: Finsbury food group, Bakery

Bakery firm Finsbury Food Group has said it plans to expand capacity, despite the “tough macro environment”.

The company said it would continue to build on higher growth opportunities, such as free-from, and consumer niches such as artisan bread.

The company revealed the news at its interim results for the 26 weeks ended 28 December 2019. This saw group revenue up 4.7% to £159.4m (H1 2018: £152.3m) with UK bakery sales up 5.8%. Profit before tax rose 17.9% to £8.8m (H1 2018: £7.5m).

The company said it would continue to focus on driving productivity and efficiency with an integrated IT system embedded in all manufacturing sites (save for Ultrapharm).

It also has implemented a group-wide review and standardisation of bakery processes, which it said was leading to “improved quality and reduction of waste​”.

Expand​ 

It also continued to expand capacity with the opening of a new gluten-free bakery in Poland to expand capacity for the continental market.

And there was continued innovation with a new line of Harry Potter licensed cakes, gluten-free cakes and artisan sourdough breads.

John Duffy, chief executive of Finsbury Food Group, said:  “The first half was both a period of growth and of successful delivery against our strategic priorities. Revenue and profit were up, largely driven by organic performance in UK bakery, as well as new business wins.

Solid Platform

“The broad channel, customer and product diversification we now have in the business give us a solid platform on which to build and we continue to benefit from access to higher growth opportunities, such as free-from and consumer niches such as artisan bread.”

The UK bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester and Pontypool. The overseas division comprises the company’s 50%-owned firm Lightbody Stretz, which supplies and distributes the group’s UK-manufactured products and third-party products, primarily to Europe, and the company’s manufacturing facilities in southern Poland.

 

Related topics: Bakery

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