Finsbury Food Group said this morning (15 January) its first-half revenue increased by almost 50%, including the contribution of a “strong” performance over Christmas.
In a pre-close statement ahead of its results for the half to 26 December, Finsbury said total group company sales rose 46% to GBP156.6m, up 46% year-on-year. Like-for-like growth stood at 7.4% in the period, including 6.1% like-for-like growth in the UK and 18.8% growth in the group’s 50%-owned overseas division.
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Prior-year acquisitions UK baker Fletchers Group and foodservice supplier Johnstone’s, are now “fully integrated” and “performing strongly”, Finsbury said, accounting for the rest of the sales rise
Finsbury said it recorded “hard won” growth despite “challenging” consumer markets that required “significant” promotional investment, NPD and fresh layers of infrastructure.
CEO John Duffy said: “Performance in the period has been strong, for both the group as a whole and also, importantly, on a like-for-like basis. We continue to operate in an environment with external pressures, however through the group’s leading position in the market, its diversified product and customer base, and its ongoing investment in the business, we are confident that we can continue to drive growth and deliver value for our shareholders.”
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