30 Jul 2009 07:00
Date: 30 July 2009
On behalf of: Finsbury Food Group plc ('Finsbury' or 'the Group')
Embargoed until: 0700hrs
Finsbury Food Group plc
Trading Update
Finsbury Food Group plc (AIM: FIF), a leading manufacturer of cake, bread and morning goods, and a range of gluten free bakery products, is today providing an update on trading in advance of entering its close period.
Group revenue for the last financial year to 30 June 2009 was up 8% compared with the previous year. The 'full year' effect of the businesses acquired during the course of the previous financial year accounts for 5% of this growth and just over 1% comes from it being a 53 week rather than 52 week year.
Sales in our smaller Bread & Free From division have continued to increase with like for like growth of 14%, after adjusting for acquisitions and the additional week of trading as referred to above. This very strong performance reflects our leading position in speciality breads and 'free from' products.
Sales in our largest division, Cake, are up 2% in absolute terms versus the prior year. On a like for like basis, sales were flat, continuing the first half trend. The rebalancing of customer ranges to offer more value choices to consumers during these recessionary times and increased promotional support to drive our brands and support consumer cake purchasing are the main reasons for this lower growth.
Our focus continues to be on reducing internal costs through integration and investment in acquired businesses and identifying and developing products to meet our consumers' needs, utilising our unique crafted baking experience.
Commenting, Chief Executive Martin Lightbody said:
"I am pleased to be able to report growth in revenue despite the recessionary environment in which we have operated and during what can only be described as a difficult trading period for the Group and a transitional year for a number of our operating subsidiaries.
"We remain committed to investing in our people, our facilities and our customers. As a Group we continue to focus on innovation and product quality to maintain our position as the UK's leading supplier of premium cakes."
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For further information:
Finsbury Food Group Plc www.finsburyfoods.co.uk
Martin Lightbody (Chief Executive) 07778 230 220
Lisa Morgan (Group Finance Director) 07771 712 720
Panmure Gordon 020 7459 3600
Katherine Roe
Callum Stewart
Redleaf Communications
Emma Kane/Rebecca Sanders-Hewett/ finsbury@redleafpr.com
Anna Dunkin 020 7566 6700
Publication quality photographs are available via Redleaf Communications on the numbers shown above
Notes to Editors:
Finsbury Food Group plc (AIM: FIF), a leading manufacturer of premium and celebration cakes, low fat cake slices and artisan, organic and gluten free bread and morning goods
Finsbury Food Group is the number 2 player in the UK cake industry a market valued at £1.51bn (TNS, January 2008)
The Group is also the market leader in the supply of baked goods to the UK's multiple grocers
Its strategy is to build a significant food group in core areas, both organically and by acquisition