UK: strong year for Finsbury Food

London / UK. (ffg) British premium cake maker Finsbury Food Group PLC announced its preliminary financial results for the fiscal year ended 30 June 2008. Highlights of the year:

  • Strong revenue growth in all operating subsidiaries, like for like sales increase of 13 percent
  • Adjusted results from operating activities up 76 percent to 10,5 million GBP(2007: 6,0 million GBP)
  • Adjusted profit before tax up 68 percent to 7,7 million GBP (2007: 4,6 million GBP)
  • Adjusted fully diluted EPS of 0,105 GBP (2007: 0,095 GBP)
  • Acquisition and integration of Anthony Alan Foods Ltd
  • Acquisition of Yorkshire Farm Bakeries and A+P Foods to form Livwell Ltd
  • Proposed dividend up ten percent to 0,022 GBP per share (2007: 0,02 GBP)

Commenting on the results, David Marshall, Chairman of Finsbury Food Group: «This has been a year which has seen the Group continue its development against a much more challenging market environment. Against this, all our businesses experienced significant turnover growth. We have excellent innovation skills within our Group, broad production capability and diversity in our product portfolio – all of which equip us well to deal with the challenges we face. The first ten weeks of the year to June 2009 have seen the upward sales trend continuing. The Board is confident that we have a new team which can continue the good work of recent years».

Martin Lightbody, Chief Executive Designate of Finsbury Food Group, continued: «Challenges, such as the economic environment in which we are operating, bring opportunities. Finsbury is in great shape to seize them. We have a great team managing our newly created three distinct divisions – Cake, Bread and Free From – strong customer relationships and a market leading position in the UK cake industry. As the newly appointed Chief Executive, I relish the opportunity of focusing on driving organic growth over the next twelve to 18 months».

bakenet:eu