16 Jan 2020 07:00
Date: | 16 January 2020 | |
On behalf of: | Finsbury Food Group plc ('Finsbury', 'the Company' or 'the Group') | |
For immediate release |
| |
Finsbury Food Group plc
Pre-Close Trading Statement and Notice of Results
Finsbury Food Group Plc (AIM: FIF), a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, announces an update on trading for the six months ended 28 December 2019 ("H1").
The Group generated total sales of £159.4m in H1, representing a 4.7% increase versus the equivalent period in 2018.
Growth in sales was driven by the Group's core division, UK Bakery, which grew by 5.8%. Sales from the Group's Overseas division reduced by 3.5% versus the comparable period.
Notwithstanding the Group's continued momentum, management are cognisant of the difficult trading environment and wider macro-economic uncertainty, and remain focused on innovation, efficiency and investment.
The Group is trading in line with market expectations for the full year.
Notice of results
The Group will announce its Interim Results for the six months ended 28 December 2019, on Monday 24 February 2020.
Analysts wishing to attend the briefing should contact Alma PR on 020 3405 0205 or email finsbury@almapr.co.uk to register.
ENDS
Contact:
Finsbury Food Group John Duffy (Chief Executive) Steve Boyd (Finance Director)
| www.finsburyfoods.co.uk | 029 20 357 500 |
Cenkos Securities Max Hartley (Corporate Finance)
|
|
|
Alma PR Rebecca Sanders-Hewett Sam Modlin Hilary Buchanan | finsbury@almapr.co.uk | 020 3405 0205 |
Notes to editors:
·; Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and 'out of home eating' foodservice sectors including major multiples and leading foodservice providers.
·; The Company is one of the largest speciality bakery groups in the UK and, with its Overseas division, has sales in the financial year ending 29 June 2019 exceeding £315m.
·; The Company's bakery product range is comprehensive and includes:
o Large premium and celebration cakes.
o Small snacking cake formats such as cake slices and bites.
o Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.
o Gluten Free bread, morning goods and cake ranges.
·; The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £965 million (source: 52 w/e 7th December 2019). The retail bread and morning goods market has a value of £4.6 billion (source: Kantar Worldpanel 52 w/e 29th December 2019). The retail Free From Cake market is valued at £51.7 million (source: Kantar Worldpanel 52 w/e 29th December 2019). The retail Free From bread & morning goods market is valued at £130.2 million (source: Kantar Worldpanel 52 w/e 29th December 2019).The UK Out of Home sector Foodservice Bakery sector is worth approximately £764 million per annum (source: UK foodservice data derived from MCA data for 52 weeks to 30th June 2019). The UK foodservice cake and sweet morning goods bakery sector is worth approximately £941 million per annum (UK foodservice data derived from MCA data for 52 weeks to 30th June 2019).
·; The Company comprises a core UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.
o The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products and third party products, primarily to Europe, and the Company's manufacturing facility in Żywiec in Poland.