§ Significant organic growth across all divisions, notwithstanding the impact of commodity and cost inflation § Continued expansion of our 50% owned subsidiary Lightbody Europe § Creation of fresh Free From own-branding opportunities with major supermarket retailers § Launch of Heston's Hot Cross buns with Waitrose, supported by Easter TV marketing campaign
*These figures have been adjusted to eliminate the impact of certain charges required by IFRS and significant non-recurring items for the 52 weeks ended 30 June 2012 and ended 2 July 2011. Refer to the analysis in the Business Review for further details.
Finsbury Food Group plc (AIM: FIF), a leading manufacturer of cake, bread and gluten free bakery goods, is pleased to announce its preliminary results for the 52 weeks ended 30 June 2012.
§ Group revenue up 9.4% to £207.4 million (2011: £189.6 million) § Adjusted* profit before tax up 11.6% to £6.5 million (2011: £5.8 million) § Cake division continues to grow, up 9.2% to £152.4 million (2011: £139.6 million) from both UK and export markets § Bread and Free From division sales growth of 10.0% to £54.9 million (2011: £50.0 million) driven by strong growth in the fresh gluten free market, Vogel's brand growth and fresh Free From own label in the speciality bread market. § Adjusted* diluted EPS 7.8p (2011: 7.1p) § Total net debt including deferred consideration reduced by 8.6% to £33.9 million (2011: £37.1 million)
is always welcome in these times. Even better news would be a return to dividend payments and a boost to the share valeue to cover the years when the market failed to think the turnround would happen. Well done FIF
John Duffy, Chief Executive commented: "The Group has come a long way to achieve annual sales of over £200m for the first time despite very challenging market conditions. This is testament to the hard work and resilience of the management teams and the quality and breadth of products they produce. With no let up in market conditions anticipated we continue to invest in growth areas and improved efficiency to maintain this success."
Finsbury Food Group plc (AIM: FIF), a leading manufacturer of cake, bread and gluten free bakery goods, is today providing an update on trading for the full financial year, ended 30th June 2012, prior to entering its closed period.
We are pleased to report that the Group has delivered another year of strong organic sales growth. This growth was seen across both of the Finsbury Group businesses. Total Group sales of £207m for the full year were up 9.4%, some £17.8m, compared to the previous year. As predicted, growth levels moderated in the second half as we reached the anniversary of last years product launches and contract gains.
Sales in the larger Cake division are up 9.2% versus last year to £152m. Both UK market and export sales through our Lightbody Europe 50% JV business have shown growth with the latter providing half of the Cake growth.
Sales in the Bread and Free From division continued to deliver high levels of growth, up 10% on the prior year to £55m, driven by strong growth in the fresh gluten free market and Vogel's brand growth in the speciality bread market.
Our consumer markets and operating environment have continued to be challenging throughout 2011/12. Key core ingredient inflation on items such as sugar and egg in particular has necessitated price rises, continued investment and efficiency initiatives across the Group to minimise the impact on margins.
We continue to trade in line with expectations and banking covenants.
Commenting on the results, John Duffy, Chief Executive of Finsbury Food Group plc, said:
"We are pleased to be reporting further growth across each of the Finsbury businesses. This is particularly noteworthy considering the pressure we are seeing from high commodity and input price inflation. With this in mind, we are focused on driving both efficiency and productivity to mitigate against the negative margin impact of these pressures, and believe that the measures we are taking will continue to bear fruit.
"Our priority is to further invest in the business to ensure that the growth momentum continues and look forward to both driving further shareholder value and reaching our next sales milestone."
Finsbury Food Group plc (AIM:FIF), a leading manufacturer of cake, bread and morning goods, today announces its interim results for the six months ended 31 December 2011.
§ Group revenue up £14m (16%) to £102 million (H1 2011: £87.8 million) § Profit before tax up £0.3m to £2.2 million (H1 2011: £1.9 million) § Sales in the Cake division up 19% to £76.4 million (H1 2011: £64.2 million) § Sales in the Bread & Free From division up 8% to £25.6 million (H1 2011: £23.6 million) § Net debt down 5% to £34.8 million (H1 2011: £36.8 million)
§ Navigated through significant raw material and cost inflation with minimal margin drop from 3.6% (H1: 2011) to 3.4% § Key licenses signed for Cake business § Significant developments in Free From including new Genius products § Continued development delivering growth in brands, such as Vogel's
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