Finsbury Food Group said today (26 November) a “strong” performance from its domestic cake business had boosted sales, offsetting falling revenues outside the UK.
In a trading update for the first four months of its new financial year, Finsbury told its AGM its sales had risen by 3.9% on an organic basis.
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Sales from Finsbury’s UK bakery arm were up 5%. The company said its overseas division, its 50%-owned export business, saw sales drop 3.1% as it reduced the level of promotions “to optimise returns”. On a reported basis, total revenue was GBP57.3m (US$90.4m).
Finsbury said it expects its operating margins to increase this year as efficiency gains from its capital investment boost its profitability.
“Overall the directors are pleased to report positive trading performance for the company as a whole and in line with the board’s expectations,” chairman Peter Baker said.
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Finsbury also published the half-year results of UK peer Fletchers Group, which it acquired in October for GBP56m.
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By GlobalDataThe company said Fletchers’ sales of GBP49m and EBITDA of GBP3.9m for the 26 weeks to 27 September was “in line with previous guidance”.
Sales were down 2.1% year-on-year, with Finsbury pointing to lower sales promotions and the closure of a factory. It said EBITDA, post restructuring and one-off costs, was up year-on-year.
Click here for an interview with Finsbury CEO John Duffy on the day the company announced its acquisition of Fletchers.
