UK cake manufacturer Finsbury Food Group today (24 September) reported an increase in full-year profits after seeing sales exceed GBP200m (US$324.3m) for the first time.
The company booked profit after tax of GBP4.9m for the year to the end of June, up from GBP4.4m a year ago.
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Adjusted pre-tax profits, which exclude factors including Finsbury’s pension scheme and share option charges, climbed 11.6% to GBP6.5m.
Finsbury, which produces private-label cakes and products under licence for the likes of Thorntons and Nestle, reported group revenue of GBP207.4m and pointed to “significant organic growth” across all its divisions.
Chairman Martin Lightbody said Finsbury’s performance was “clearly encouraging”. However, he added: “Satisfaction must be tempered with concern at events beyond our power to influence. Input price inflation continues to impact on operating margins with prices for commodities such as sugar and eggs moving steadily upwards. The situation for consumers shows little sign of improvement. Our customers are faced with shrinking disposable incomes and the very real dilemma of trying to make ends meet while buying good food.”
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By GlobalData
