Finsbury Food: turnover hit by recession but sales grow

London / UK. (ffg) Baked goods manufacturer Finsbury Food Group PLC has reported growth in revenue of eight percent in the last year. But the Cardiff-based company admitted sales had been hit by the recession, particularly in the premium market which is its strongest sector. Much of the increase in turnover was thanks to the integration of acquired businesses into Finsbury, the company said in a statement. It also announced that Martin Lightbody, who succeeded Dave Brooks as chief executive last year, was standing down from the post, with chief operating officer John Duffy taking over as CEO. Lightbody will become Finsbury´s non-executive chairman in November. Lightbody: «We have spent the last year integrating our business to drive improvements in efficiency, quality and service. Having invested in our understanding of our markets and customers we have adjusted our product ranges and sales strategies to fit in line with changing customer and consumer demands. I am delighted that we have continued to grow despite the recessionary environment and continue to enjoy support from our bank and shareholders».