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.
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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.
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