Finsbury to use M&A to drive growth

Finsbury to use M&A to drive growth

UK cake maker Finsbury Food Group has booked a slight increase in annual profits despite posting lower sales.

The company said this morning (22 September) that operating profit rose to GBP7.7m (US$12.6m) in the 52 weeks to 28 June, up from GBP7.4m in the comparable period of last year. Profit after tax increased to GBP4.9m from GBP4.6m, the company revealed.

However, revenue in the period slid to GBP175.7m, down from GBP176.6m in the comparable period of last year.

Commenting on the results CEO John Duffy said: "At the end of another exacting year, it gives me great pleasure to report a further rise in bottom line growth. We have good momentum slightly disguised by a poor market, underlining yet again our ability to achieve consistent results under demanding conditions.

"The group is now focused on driving growth for the business and shareholders through appropriate M&A whilst not losing sight of driving growth in the core business."

The company also confirmed the appointment of Peter Baker as chairman.

Click here to view the full announcement.