Cake and bread manufacturer Finsbury Food Group expects pre-tax profit before exceptional items for the fiscal year to June 2007 to beat market expectations.
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“The board is confident about the group’s prospects for the remainder of the year and expects that the group’s profit before tax and exceptional items for the year to June 2007 will exceed current market forecasts,” Finsbury said in a filing with the London stock exchange.
The company said that the outlook for the second half of the year was positive, suggesting that it is well placed to drive growth in the premium cake sector thanks to Nestlé branded cake sales and range relaunches that have been successfully completed with three multiple grocers.
According to Finsbury, Memory Lane Cakes has shown a 5% sales increase in the half year over the comparable period of 2005, while sales at Nicholas & Harris were up 18% year-on-year. Additionally, for the six weeks from mid November (the date of acquisition in 2005) to the end of December, the combined sales of California Cake Company and Campbells Cake Company were up 25%.
Although comparable sales figures for the United Central Bakeries business are not available due to a fire on 31st October 2006, the company said that UCB continues to make good progress in its recovery program. It is expected that the site will be back in full operation by May 2007.
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