Finsbury Food Group, the UK baker, has more than doubled its full-year net profit, boosted by the sale of its free-from business earlier this year.

Net profit reached GBP8.2m (US$13.2m) in the 12 months ended 29 June, up from GBP4.8m last year, the cake, bread and bakery foods producer said today (23 September). Adjusted EPS rose from 5 pence per share to 5.9 pence per share, the company added.

In February, Finsbury sold its free-from business for around GBP21m to focus on its core cake and bread businesses. The transaction reduced the group’s debt by 78% to GBP7.4m. 

Speaking to just-food in the wake of the sale, CEO John Duffy said that proceeds would be invested in improving the group’s operational performance and increasing capacity. Duffy added Finsbury is currently seeking out bolt-on acquisition opportunities. 

Operating profit in the period climbed 7.3% to GBP7.3m. Sales, however, slid 1.3% to GBP176.6m. Finsbury blamed currency fluctuations in its overseas subsidiary for the decline.

Click here to view the full earnings release, or click here to access our interview with Duffy.