FDBusiness.com

Finsbury Food Group is Optimistic

 Breaking News
  • Strong First Half From Britvic Britvic, one of the leading branded soft drinks businesses in Europe and the largest supplier of branded still soft drinks in Great Britain and the number two supplier of branded carbonated soft drinks, has reported a 4.5% increase in revenue to £733.2 million, with organic growth of 2.8%, for the 28 weeks ended 15 April [...]...
  • Glanbia Sets Out Five Year Ambition Glanbia, the global nutrition group, has reiterated its 2018 full year guidance and outlined its five year financial ambition to grow total group revenue from €3.6 billion, pro forma, in 2017 to over €5.0 billion by 2022. Glanbia Group, with its three platforms of Glanbia Performance Nutrition, Glanbia Nutritionals and Strategic Joint Ventures is well [...]...
  • Thriving UK Brands Make Lives Healthier, Happier & Easier Kantar Worldpanel’s latest ranking of the UK’s most chosen brands finds half of the top 10 brands in growth. Warburtons remains the UK’s most chosen brand overall, chosen 544 million times at the supermarket shelves during the course of the year. Bought on average 23 times a year, Warburtons is the nation’s most frequently purchased [...]...
  • Kerry Launches ProDiem™ Refresh – An Innovative Vegan & Allergen-free Plant Protein For Low pH Beverages Kerry, the Taste & Nutrition company, has launched ProDiem™ Refresh, an allergen-free, soy-free, pea protein hydrolysate developed for low pH beverages such as waters, juices and energy drinks that delivers a clean and refreshing taste. ProDiem™ Refresh is the latest addition to Kerry’s specialised proteins portfolio. Consumers are proactively increasing their intake of plant protein and its appeal has moved far beyond [...]...
  • Ilapak Fine Tune Bagging Equipment to Run New Compostable Film Responding to the rapid need for food factories to use sustainable packaging materials, Ilapak UK has successfully adapted one of its vertical flow wrapping systems, the Vegatronic, to run a new compostable film. Following this breakthrough, Ilapak plan to modify its entire fleet of over 1200 vertical and horizontal systems and offer an upgrade option [...]...

Finsbury Food Group is Optimistic

Finsbury Food Group is Optimistic
March 25
12:55 2014

Finsbury Food Group, the UK manufacturer of cake and speciality bread, has reported a 5% increase in operating profit to £2.6 million on revenue from continuing operations down 1.8% to £86.6 million for the six months ended 28 December 2013.

Profit before tax from continuing operations rose 50.6% to £2.1 million. Finsbury sold its Free From business in the prior financial year, on 27 February 2013 for a total value of approximately £21 million to focus on its core bakery business.

The UK Bakery business saw a decline of 2% whilst sales in the Overseas business Lightbody Europe (LBE), Finsbury’s 50% owned subsidiary export business, remained stable year on year. Cost inflation in key ingredients such as butter and chocolate combined with general cost inflation continues to put pressure on margins. The Company has however mitigated this pressure with internal efficiency investment and a cost reduction focus.

John Duffy, chief executive of Finsbury Food Group, comments: “I am pleased with the progress made in what has been a transitional year for the group. The sale of the Free From division, consequent group restructuring and capital investment have transformed the balance sheet and provided the group with the strong foundation on which it is operating.”

He adds: “Whilst the trading environment remains tough in the short term, our low level of debt and interest costs allow us to make significant investment in our factories and businesses for the future, in line with our stated strategy. We believe that although the consumer markets remain challenging, an improvement in consumer behaviour lies ahead, and the group is in a strong position to mitigate against these wider market challenges and focus on its strategy for growth.”

Within Finsbury’s UK Bakery sector the planned capital investment programme is progressing well with the new cake slice ‘snap pack’ packaging format was launched and further snacking cake automation investment on track for year end completion. Similarly the Nicolas and Harris bread facility expansion was commissioned in January 2014. These and future capital investments will underpin further internal efficiency and capacity improvements to support sales growth in the coming years.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • June 1, 2018Gluten Free Expo Slovakia
  • June 3, 2018Vinoble
  • June 4, 20188th WSO World Congress on Stevia Tasteful 2018
  • June 17, 2018The Excellence of Italian Food and Wine (Bellavita Expo)
AEC v1.0.4

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements