UK cake maker Finsbury Food Group has seen its annual sales propelled by new product development and contract gains in the back half of last year.

The company booked a 9.4% increase in sales for the year to 30 June, which rose to GBP207m (US$321m). Cake sales, including cakes exported to Europe through Lightbody Europe, rose 9.2% while bread sales were up 10%.

However, Finsbury said its growth rates slowed in the second half as it lapped last year’s product launches and contract wins. The group also revealed it has looked to offset commodity price increases through price hikes and cost controls.