Finsbury Food sees FY in line with upgraded expectations

Speciality bakery Finsbury Food Group said trading in the second half of the year had continued to be strong and it was confident of delivering profits in line with market expectations which were upgraded after a good first half.

Total sales revenues grew to £319.7m, an increase of 24.8% on prior year after the successful integration of the prior year acquisitions of Fletchers and Johnstone's.

This included like for like growth of £12.8m, an increase of 5% versus prior year. The UK Bakery division grew by 3% on a like for like basis and the overseas division, the group's 50% owned European business, grew by 25.7%.

“Our sales to the foodservice channel accounted for 21% of total UK Bakery sales revenues and grew by 5.3% on a like for like basis,” Finsbury said.

“Whilst it is too early to fully understand the impact of the exit of Britain from the EU, the board believes that as a strong multi-channel business and a large diversified speciality bakery group, it is well equipped to manage the potential effects of this outcome and continue to deliver growth and improved shareholder value over the coming years.”