London / UK. (ffg) British Finsbury Food Group PLC, a leading manufacturer of cake, bread and gluten free bakery goods, is providing an update on trading for the full financial year, ended 30th June 2012 – prior to entering its closed period.
Finsbury is pleased to report that the Group has delivered another year of strong organic sales growth. This growth was seen across both of the Finsbury Group businesses. Total Group sales of 207 million GBP for the full year were up 9,4 percent, some 17,8 million GBP, compared to the previous year. As predicted, growth levels moderated in the second half as we reached the anniversary of last years product launches and contract gains.
Sales in the larger Cake division are up 9,2 percent versus last year to 152 million GBP. Both UK market and export sales through our Lightbody Europe 50 percent JV business have shown growth with the latter providing half of the Cake growth.
Sales in the Bread and Free From division continued to deliver high levels of growth, up ten percent on the prior year to 55 million GBP, driven by strong growth in the fresh gluten free market and Vogel´s brand growth in the speciality bread market.
Finsbury´s consumer markets and operating environment have continued to be challenging throughout 2011/2012. Key core ingredient inflation on items such as sugar and egg in particular has necessitated price rises, continued investment and efficiency initiatives across the Group to minimise the impact on margins. The Group continues to trade in line with expectations and banking covenants.
CEO John Duffy: «The Group has come a long way to achieve annual sales of over 200 million GBP for the first time despite very challenging market conditions. This is testament to the hard work and resilience of the management teams and the quality and breadth of products they produce. With no let up in market conditions anticipated we continue to invest in growth areas and improved efficiency to maintain this success».
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