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Cake and fif i. what's not to like. xx
It noted that key ingredients such as sugar, egg and flour are also inflationary as are more general costs such as energy. Finsbury said it will focus on internal efficiency improvements as well as sales growth and recovery of commodity inflation via pricing. The group said it remains confident of continued growth and efficiency opportunities across its businesses and is trading comfortably in line with profit and debt reduction expectations. Chief Executive John Duffy added: "Following last year's significant sales growth ahead of the markets in which we operate, I am pleased with the resilient growth and efficiency improvements delivered in the first half... in what has been a tough marketplace." The group, which raised almost £4m to fund its UK cake business, said it is confident of meeting its strengthened target balance sheet during 2013.
Finsbury Food, the cake, bread and gluten free bakery goods maker, reported an increase in sales for the first half of the year and said its outlook for the second half remains unchanged. Total sales revenues for the six months ended December 29th 2012 increased to £103.3m compared to £102m the year earlier, in line with company expectations. The UK Cake business grew 2% to £1.1m, broadly in line with the market forecasts. However Lightbody Europe, Finsbury's 50% owned joint venture business, fell by £1.6m or 17% due to adverse exchange rate movements. The group's Bread and Free From division saw an increase of £1.8m or 7% in sales from the previous year to £27.4m. Looking ahead the group said: "Our outlook on the trading environment has stood us in good stead during the first half and remains unchanged for the second half. Consumers remain under considerable financial pressure and continue to be value conscious and deal focused."
Cake, bread and gluten-free bakery goods maker Finsbury Food said annual revenue increased revenue by 9.4 per cent after solid growth across all of its divisions. Revenue rose to £207.4m for the 52 weeks ended June 30th 2012 from £189.6m a year earlier. Adjusted pre-tax profit increased to £6.5m from £5.8m. Sales at the Cake division grew 9.2% to £152.4m after buoyant demand from the UK and export markets. At Bread and Free From sales rose 10% to £54.9m after robust demand in the fresh gluten free market, Vogel's brand growth and fresh Free From own label in the speciality bread market. Chief Executive Officer John Duffy was pleased with the results despite continued market pressures, saying, "the formula we have pursued has and will continue to remain steadfast, to maintain the pattern of growth in profitability". Finsbury said it continues to expand its 50% owned subsidiary Lightbody Europe and has created fresh Free From own-branding opportunities with major supermarket retailers. Adjusted diluted EPS rose to 7.8p from 7.1p in 2011 while total net debt, including deferred consideration fell by 8.6% to £33.9m.
Commenting on the results, John Duffy, Chief Executive of Finsbury Food Group plc, said: "I am delighted to report such a noteworthy set of results, both due to the significant revenue milestone accomplished this year and the increase in both top and bottom line growth in the period, despite continued market pressures. "The formula we have pursued has and will continue to remain steadfast, to maintain the pattern of growth in profitability, underpinned by a commitment to meeting the needs of our customers and consumers. I am confident that the pragmatic foundations so carefully laid down in recent years are set to produce enduring benefits for both the business and our shareholders."
Operational Highlights § 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.
Preliminary results 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. Highlights § 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)
http://www.investegate.co.uk/Article.aspx?id=201209240700059048M
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."
Pre Close Statement 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.
http://www.investegate.co.uk/Article.aspx?id=201207240700053013I
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."
Interim Results 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. Financial Highlights § 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) Operational Highlights § 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
http://www.investegate.co.uk/Article.aspx?id=201203260700129977Z
March 23rd will we get some more good news?
Extract from Half year. Total Group sales revenues continued to grow significantly reaching £102m, passing the £100m in six months milestone for the first time. This represents organic growth of just over £14m and an increase of 16% compared with the prior year. The Group experienced growth across each of the Finsbury businesses. Both the UK Cake and Bread and Free From businesses saw strong growth of 10% and 8% respectively. The combination of these businesses accounted for just over half the total Group growth. Lightbody Europe, the Group's 50% owned joint venture export business, provided the balance with growth of 167%. As communicated previously, the second half and consequently full year growth rates will not be as high as the first half as the Group has now reached the anniversary of last year's new product launches, European contract gains and increased promotional activity levels
This firm should do well with the increasing glutin free demand. Are we the only punters left? Happy Christmas and may the market makers smaile on you!
John Duffy, Chief Executive commented: "The Group has continued to grow and improve despite this most difficult of trading environments, which is encouraging. We continue to innovate and adapt our quality product ranges so that they remain affordable for shoppers and consequently, their popularity has proved enduring. Whilst a difficult balancing act, the management and staff continue to improve and optimise the Group's resilient performance despite these headwinds."
Trading Update Finsbury Food Group plc (AIM: FIF), a leading manufacturer of cake, bread and morning goods, is today holding its Annual General Meeting. At the meeting the Chairman will issue the following update on trading. In the first four months of the new financial year, total Group sales revenues continued to grow strongly to £68.3m. This represents organic growth of just over £10m, an increase of 17% versus prior year. The UK Cake, Bread and Free From businesses all grew strongly delivering just over half the total Group growth whilst Lightbody Europe (LBE), the Group's 50% owned joint venture export business, provided the balance. Year on year growth rates are expected to moderate, once we reach the anniversary of last year's new product launches and increased promotional activity levels. The operating environment remains particularly challenging. Shopper behaviour continues to be affected by the economic uncertainty, and we have experienced ingredient and input cost inflation year on year. Higher sales, resulting from volume growth and price increases, assisted by further internal efficiency initiatives, have partially offset this cost inflation, although operating margins are lower year on year.
http://www.investegate.co.uk/Article.aspx?id=201111240700216759S
Commenting on the results, John Duffy, Chief Executive of Finsbury Food Group plc, said: ""We are pleased to have returned to organic growth, an important milestone for the group. We are emerging from a complex and exhaustive programme of reorganisation and despite the macro economic factors continuing to buffet the business and our customers, our structured approach has clearly started to bear fruit. The difficulties we face should not be underestimated, the global commodities bubble has exerted unprecedented pressure on margins. Prices for butter, sugar and wheat have soared over the last 18 months. Keeping things affordable for customers is essential. "I am delighted that we have succeeded in steering the Group through another demanding year. The reality is that testing times still lie in wait. However, our distinctive range of products, commitment to value and robust performance in a testing climate bode well for the challenge ahead."
Highlights § Group revenue up 12.6% to £189.6 million (2010: £168.3m) § Adjusted* profit before tax up 8.3% to £5.8 million (2010: £5.4m) § Cake division returns to growth with sales increasing by 12.1% to £139.6 million (2010: £124.6m) § Bread & Free From sales growth of 14.2% to £50.0 million (2010: £43.7m) from investment behind Vogels and ongoing growth in the fresh Free From product range with Genius and own label § Adjusted* diluted earnings per share 7.1p (2010: 7.0p) § Total net bank debt reduced by 10.4% to £32.7 million at the year end (2010: £36.5m) § Banking facilities with HSBC extended to 2017 § Discounted deferred consideration reduced by 28.3% to £4.3 million at year end (2010: £6.0m) § Strong organic growth across all divisions, despite the exceptional impact of commodity and cost inflation Operational Highlights: § Licensed brand growth across all divisions § Working with Genius Foods Limited to expand the Free From product portfolio § Re-launch of Vogel's speciality bread brand § Adding Disney small cakes to our licensed portfolio
http://www.investegate.co.uk/Article.aspx?id=201109260700148609O
Finsbury Food Group (FIF) shares gained 1.25p to 25.75p as the company announced a 12.6% increase in revenue to 189.6 million pounds for the year ended 2nd June 2011. The group's main line of business, cake production, saw a return to growth as sales increased 12.1% to 139.6 million, while Bread and Free From sales rose 14.2% to 50 million pounds. Pre-tax profits rose just 23% to 5.99 million pounds as exceptionally high cost inflation impacted margins.