Finsbury Food Group: announces trading update

London / UK. (ffg) British Finsbury Food Group PLC, a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, is providing an update on trading for the first half of the current financial year, ended 26 December 2015, prior to entering its close period.

The Board is pleased to report that since the positive AGM trading update in November 2015, strong trading performance has continued throughout the Christmas period. Total Company sales revenues grew to 156.6 million GBP, an increase of 46 percent on prior year. This includes like for like growth of 7.4 percent over the first half of the prior year. The UK Bakery division grew by 6.1 percent on a like for like basis and the Overseas division, the Group’s 50 percent owned European business, grew by 18.8 percent.

The prior year acquisitions of Fletchers in October 2014 and Johnstone’s in June 2015 are now fully integrated and performing strongly.

Consumer markets remain challenging and organic growth has been hard won, requiring significant promotional investment, NPD and fresh layers of infrastructure.

The Group continues to invest in the business through both capital expenditure and investment in its people, to ensure that it is well equipped to deliver growth and improved shareholder value over the coming years.

John Duffy, Chief Executive of Finsbury Food Group PLC, commented: «Performance in the period has been strong, for both the Group as a whole and also, importantly, on a like for like basis. We continue to operate in an environment with external pressures, however through the Group’s leading position in the market, its diversified product and customer base, and its ongoing investment in the business, we are confident that we can continue to drive growth and deliver value for our shareholders».