Revenues Up 25% At Finsbury Food; “Well Equipped” To Cope With Brexit Fallout

Bakery manufacturer Finsbury Food posted strong year end trading figures yesterday and stressed that it was “well equipped” to manage the potential side effects from last month’s Brexit vote.

In a pre-close trading statement for the year to 2 July, the group said that following positive half year trading performance, strong trading had continued in the second half and that it was confident of delivering profits in line with market expectations.

Total company revenues jumped 24.8% to £319.7m, boost by the integration of its prior year acquisitions of Fletchers and Johnstone’s. Like-for-like growth was 5%.

Finsbury’s UK Bakery division grew by 3% on a like-for-like basis and its Overseas division grew by 25.7%. Sales to the foodservice channel accounted for 21% of total UK Bakery sales revenues and grew by 5.3% on a like-for-like basis.

Meanwhile, commenting on the EU referendum results, the group said: “Whilst it is too early to fully understand the impact of the exit of Britain from the EU, the Board believes that as a strong multi-channel business and a large diversified speciality bakery group, it is well equipped to manage the potential effects of this outcome and continue to deliver growth and improved shareholder value over the coming years.”

Commenting on the results, John Duffy, Chief Executive of Finsbury Food Group, said: “Delivering significant growth across all divisions on a like for like basis is a true achievement and we are very pleased to see our sales revenues ahead of the markets we operate in.

“This growth is underpinned by capital investment and our continued focus on innovation, maintaining our position as one of the UK’s largest speciality bakery groups. More than ever we are well placed to continue our solid performance and drive growth.”