Significant Progress By Finsbury Food Group

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Significant Progress By Finsbury Food Group

Significant Progress By Finsbury Food Group
March 24
10:53 2015
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Finsbury Food Group, a leading UK speciality bakery manufacturer of cake, bread and morning goods for the retail and foodservice channels, has reported a 24% rise in revenue to £107.6 million for the six months ended 27 December 2014. On a like-for-like organic growth was 5.6%, an increase of £4.9 million.

Operating profit before interest, tax and significant non-recurring and other items was up by 74% to £4.5 million. On a like-for-like basis operating profit was up 57%. Profit before tax at £4.1 million rose by 95% compared to the first half of 2013 and was up 77% on a like-for-like basis.

The interim results includes two months of trading from the Fletchers Group which was acquired for £56 million on 30 October 2014. The acquisition of Fletchers Bakery Group has given Finsbury a broader spread of customers across food retail and food service channels in cake, bread and morning goods businesses. Indeed, Finsbury is now one of the largest speciality bakery groups in the UK with annualised revenues of approximately £270 million.

John Duffy, chief executive of Finsbury Food Group, comments: “I am pleased to report the significant progress of the group. Over the period we have seen a strategic shift, becoming more diversified in terms of products and customers, as well as evolving into one of the largest speciality bakery groups in the UK. We have seen notable growth, both organically and through the Fletchers acquisition, which is integrating well. We look forward to the remainder of the year with confidence and, despite a tough trading environment, we believe the Group is in a strong position to deliver on our growth strategy.”

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