Bakery manufacturer Finsbury Food has returned to growth following a difficult first half.
In a trading update for the year ended 29 June, the group revealed that its like-for-like sales revenue had increased 3.1% to £299.3m, after sales in the second half jumped 5.7%. The stronger performance in the second half was attributed to organic growth, price recovery and new business wins. Including closed and acquired businesses, group sales increased by 3.8% to £315.3m, with sales in the second half increasing by 11.7%.
Finsbury Food’s core UK Bakery division saw like-for-like sales grow by 4.7%. This was ahead of the wider market with the company highlighting that it had achieved this despite the ongoing malaise in consumer confidence and the broader macro environment.
The group’s Overseas division declined by 9.8% on a like-for-like basis but grew by 13.2% when including the acquired Ultrapharm free-from bakery manufacturer.
Finsbury Food stated that it was confident of delivering profits in line with market expectations for the full year.
Chief Executive John Duffy commented: “We have navigated through an intense period of cost inflation and broader macro issues, and as such, we are very pleased to be reporting a strong return to growth in the second half, delivering a performance that is in line with market expectations.
“We look forward to reaping the benefits of the investment in Ultrapharm, an acquisition that has further diversified the group into higher growth markets. As a focused and diversified group, we remain optimistic about the growth prospects ahead.”
