Finsbury Food Group has said its outlook is now “stronger than ever”, having booked a 33% increase in first-half profits.
The UK cake firm said profits in the first six months of the year to 31 December rose 32.8% to GBP3m (US$4.6m), up from GBP2.2m in the comparable period of last year. Gains were driven by improved margins and higher sales.
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Sales rose 1% to GBP103.3m, with revenue from the group’s UK cake division up 2% and bread sales up 7%.
During the period, the group completed a placing to raise nearly GBP3.8m, which will be re-invested in the firm’s cake business.
Last month, Finsbury sold its free-from business for GBP21m. Funds from the disposal will also be reinvested in the business and Finsbury is on the look out for M&A opportunities to strengthen its cake and bread divisions, CEO John Duffy told just-food in an interview after the deal was announced last month.
Commenting on Finsbury’s outlook today (25 March), Duffy also revealed the group was able to reinstate its dividend, at GBP0.25 per share.
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By GlobalData“The group has proved its resilience and continued to drive growth, productivity and efficiencies in what remains a difficult trading environment. The outlook for Finsbury is now stronger than ever,” he said.
