Finsbury Food reports 16% annual revenue increase amid inflation

(Alliance News) - Finsbury Food Group PLC on Wednesday reported a 16% rise in annual revenue, which it said was in line with market expectations, as the baker navigated "significant cost inflation".

The Cardiff-based company makes cake and bread bakery goods, supplying grocers and foodservice providers.

Sales in the financial year that ended July 1 totalled GBP413.7 million, up 16% including the acquisition of Lees Food Ltd, or 13% excluding Lees. Sales improved as the year went along, with sales in the second half of the year up 17% on a year before. Finsbury Food announced a deal to acquire Lees back in January.

In the core UK Bakery division, annual sales including Lees rose 15%, led a 25% increase within foodservice, as the out-of-home food sector recovered from the Covid-19 pandemic. In the Overseas division, sales rose 25%.

Finsbury Food said it successfully navigated cost inflation through changes to commercial terms and operating improvements, but this will need to remain a focus in the year ahead.

The company will release its full annual results on September 26.

Finsbury Food shares were up 0.9% at 96.34 pence on Wednesday morning in London.

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.