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, announces an update on trading for the six months ended 31 December 2018 (H1).
Total Group sales revenue, on a like for like basis, were 145.5 million GBP during H1, representing a 0.5 percent increase in comparison to the equivalent prior year period. Due to the prior year benefiting from the trading of the bakeries closed in the first half of the year, total Group revenue, including the closed businesses, declined 3.5 percent to 152.3 million GBP.
Growth in like for like sales was attributed to the Group’s core division, UK Bakery, which grew by 1.7 percent, achieved despite a difficult macro environment with sustained inflationary pressure and which illustrates the importance of the Group’s strategic diversification and ongoing investment programme. The Group’s Overseas division declined by 8 percent.
The integration of the Group’s recent acquisition, Ultrapharm, is continuing to progress and additional capacity will be delivered by the end of the existing fiscal year, as previously announced.
The Group is now a diverse multi-channel speciality bakery group and despite the market conditions, is well placed to continue to drive efficiency, deliver innovation and maintain its leading position in the market.
Notice of results
The Group will announce its Interim Results for the six months ended 31 December 2018, on Monday 25 February 2019.
(*)like for like revenue is the revenue from operations excluding the revenue from the closed bakeries and acquired businesses.