UK cake and bread maker Finsbury Food Group said today (15 January) that it has seen first-half revenue increase by 12% year-on-year.
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The company said sales were boosted by acquisitions, with the “full year” effect of businesses acquired during the previous fiscal year accounting for 7% of growth.
Over the past year, Finsbury has completed a number of acquisitions, including the transformational Lightbody Group deal, as well as the Anthony Alan, Yorkshire Farm Bakery and A&P Foods takeovers.
In the trading update released this morning, Finsbury added that the inclusion of an additional week’s sales – with the current FY covering 53 weeks instead of 52 weeks – accounted for a further 3% of growth.
While Finsbury saw strong growth at its smaller bread and free-from businesses, the company revealed that like-for-like sales at its cake unit remained flat during the half.
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By GlobalDataOn a cautionary note, Finsbury said that the consumer environment is expected to remain uncertain over the next six-months.
“As a result it is difficult for us to be definitive with regard to our expectation of earnings in this current year,” the company said.
Finsbury revealed that it expects operating margins to remain between 1% and 2% lower than last year.
“However, we continue to be confident that the demand for our brands and our strong product range will enable us to maintain our leading position in the market place,” the group concluded.
