UK cake maker Finsbury Food Group has posted a drop in full-year sales as trading was affected by consumers trading down.

For the 53 weeks to the end of June, group revenues dropped 4.1% to GBP168.3m (US$263m), Finsbury said in a trading update today (29 July).

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“Strong” bread and free-from sales were up 9.3% but failed to offset a decline in the firm’s cake division, which saw sales drop 9.7%.

Chief executive John Duffy said: “As a premium craft baker in a challenging trading environment, we have continued to invest in our branded innovation led growth opportunities whilst also improving our internal efficiency, talent and competitiveness.

“We have performed in line with management expectations and when we emerge from this recession we will be competitively stronger and better positioned for growth as consumers seek higher quality products that taste great.”

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