Bakery firm Finsbury Food Group has said “unprecedented” commodity and labour inflation continued to blight the business after announcing a fall in annual revenue.
Speciality cake and bread manufacturer Finsbury Food Group has posted a small rise in sales in its pre-close trading statement, despite a fall in sales from its overseas operations.
A combination of high commodity prices and labour costs are a “constant attrition”, hindering growth at one of the UK’s biggest bakery firms, its group finance director has claimed.
UK bakery sales for Finsbury Food Group fell by 4% in the first four months of the new financial year, while its Overseas division reported sales up by 36.5%.
Finsbury Food Group has completed its acquisition of foodservice supplier Johnstone’s Just Desserts, saving 150 jobs at the firm, after buying the business out of administration.
Finsbury Food Group, the cake, bread and bakery goods manufacturer, has posted pre-tax profits up by 95% to £4.1M for the six months to December 27 2014 – boosted by its acquisition of the Fletchers Group of Bakeries.
Finsbury Food Group has won the Bakery Manufacturing Company of the Year trophy in the industry’s Oscars, ahead of a financial update which looked forward to improved profits next year.
Cake and bread bakery goods manufacturer Finsbury Food Group predicts profit will be in line with market expectations in the first half of its current financial year, ended December 28 2013.
Baker Finsbury Food Group has appointed Raymond Duignan as a non-executive director following the retirement of Ian Farnsworth after 15 years as group non-executive director.
Finsbury Food Group is stepping up investment in its core UK bakery division as it slashes debt and announces strong profits in an annual pre-close financial statement.
Genius Foods will invest millions of pounds developing the Livwell and United Central Bakery (UCB) production sites in Hull and West Lothian, following the firm’s £21M acquisition of the companies last week.
The trade responded quickly to the downturn, but must now “respond to the upturn” if it wants to inject some excitement back into the cake fixture, Finsbury Food Group has warned.
The Genius gluten-free fresh bakery brand is now worth more than £10m at retail level, just 15 months after launch, making it one of the most successful launches in the free-from market over the last decade.
