UK cake maker Finsbury Food Group said its revenue has fallen year-on-year, hurt by sales in the group’s cake business.
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For the 17 weeks to the end of October, sales fell 2% year-on-year and 4% behind on a like-for-like basis excluding the company’s Goswell acquisition.
Sales in the group’s cake business fell by 6% in value, slightly ahead of the overall cake market, against a cake market that declined by 4% over the last 12 weeks, the company said in a trading update today (25 November).
However, Finsbury’s bread and free-from businesses have continued to achieve double-digit growth year-on-year. The Goswell acquisition made at the end of the last financial year increased sales by 11%. On a like-for-like basis, excluding Goswell, revenue increased by 8%.
John Duffy, chief executive of Finsbury, said: “Consumer behaviour is still being affected by the recession and premium range sales have been impacted in the short term. The economic environment remains challenging and uncertainty around input price inflation remains high.
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By GlobalDataHe added: “We continue to focus on integrating our businesses to improve efficiency and operating margins whilst gaining an improved understanding of our consumers.”
