Finsbury Food Group has booked an increase in first-half profits, which were boosted by the disposal of the group’s free-from business and subsequent restructuring efforts.
The UK cake maker said operating profit rose 5% to GBP2.6m (US$4.3m), while pre-taax profit from continuing operations jumped 50.6% to GBP2.1m. The company reduced its net debt by 57% in the period.
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CEO John Duffy said: “The sale of the free-from division, consequent group restructuring and capital investment have transformed the balance sheet and provided the group with the strong foundation on which it is operating.”
However, Finsbury saw sales from continuing operations decrease 1.8% year-on-year, dipping to GBP86.6m.Duffy stressed that while the consumer environment remains “challenging” Finsbury believes “an improvement in consumer behaviour lies ahead”.
