UK-based baked goods maker Finsbury Food Group has posted soaring half-year profits as revenue almost doubled.
Go deeper with GlobalData
Profit before tax and reorganisation costs rose by 95% to GBP2.6m (US$5.2m), while adjusted diluted earnings per share were 4.3p, against 3.4p in the corresponding period a year earlier.
Finsbury, which specialises in celebration cakes, low-fat slices and speciality breads, saw sales for the six months to 31 December climbed 91% to GBP82.8m.
Finsbury said sales growth had been seen across all its subsidiaries, while it had managed to recover higher input costs from customer prices.
During the year, it transferred its California Cakes operations to its Lightbody site. The company’s United Central Bakeries site had returned to full operation during the first half, Finsbury said, having been damaged by fire.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“This has been an extremely challenging period for the whole food industry and I fully expect the next twelve months or so to continue in this vein,” said CEO Dave Brooks. “In such turbulent times, the fittest and most flexible are those most likely to prosper.
“With our excellent innovation skills, speed of thought and action, and strong customer relationships, I feel we have a robust business model which should give us every opportunity to capitalise on our strong market position during these uncertain times.”
