Finsbury Food: announces preliminary results 2013

London / UK. (ffg) British Finsbury Food Group PLC, a leading manufacturer of cake, bread and bakery goods, is pleased to announce its preliminary results for the 52 weeks ended 29 June 2013.

Highlights

  • Group revenue from continuing operations 176,6 million GBP (2012 178,9 million GBP)
  • Adjusted profit before tax up 19 percent to 5,5 million GBP (2012: 4,6 million GBP)
  • Adjusted diluted EPS 0,059 GBP (2012: 0,05 GBP)
  • Total net debt significantly reduced by 78 percent to 7,4 million GBP (2012: 33,9 million GBP)
  • Successful equity placing in November 2012 raised 3,8 million GBP
  • Re-instatement of dividend with a proposed total dividend of 0,0075 GBP per share

Operational Highlights

  • Sale of Free From business for approximately 21 million GBP
  • Transformed balance sheet enables increased investment and M+A opportunities
  • Expansion of bread manufacturing facilities at Nicholas + Harris
  • Continued investment and growth in brands and renewal of licenses
  • Bakery Awards supplier of the year 2013

Commenting on the results, Chief Executive John Duffy said: «These results signal the Group´s shift from a transitionary period, to a new period of financial stability. Whilst a strategic disposal has driven this change, the Company is trading maturely, paying down debt and generating cash. Growth remains our priority. Driving organic growth is one of our key focus areas whilst evaluating bolt-on acquisition opportunities. We will ensure that we maintain our operational excellence and product innovation as this will continue to underpin our future growth. Following the reinstatement of the dividend, we are also pleased to announce the proposed total dividend at 0,75 Pence. The Group now looks forward to directing this new stage of development and implementing our growth with the ultimate goal of creating value for our shareholders».

bakenet:eu