UK cake supplier Finsbury Food Group has announced an increase in half-year profits, helped by last year's acquisition of local peer Fletchers Bakery Group and by higher underlying sales.
In the six months ended 27 December, Finsbury's net profit hit GBP2.1m (US$3.1m) compared with GBP1.6m. Operating profit was GBP4.5m against GBP2.6m a year earlier.
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Sales increased to GBP107.6m versus GBP86.6m year-on-year. Finsbury's top line was boosted by the purchase of Fletchers but the company also reported a 5.6% rise in like-for-like sales.
Revenue from both Finsbury's UK bakery and overseas segments were up.
"The group delivered a strong performance over the first half. This was due to the successful delivery of our twin organic growth and efficiency led capital investment strategy, which together resulted in improved operating margins," Finsbury said.
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By GlobalData
