March 12 - Finsbury Food Group Plc, a leading manufacturer of premium and celebration cakes, low fat slices and speciality, organic and gluten free breads, today announces its interim results for the six months to 31 December 2007.
Financial Highlights
- Revenue up 91% to £82.76m (2007 : £43.43m)
- Strong sales growth in all subsidiaries
- Results from operating activities (before reorganisation costs) up 150% to £4.48m (2007 : £1.79m)
- Profit before tax and reorganisation costs up 95% to £2.61m (2007 : £1.34m)
- Adjusted diluted EPS of 4.3p (2007 : 3.4p)
Operating Highlights
- Successful recovery of input cost rises from customers
- Successful transfer of California Cakes Ltd to Lightbody site
- Return to full operation of the United Central Bakeries Ltd site, previously damaged by fire
- Acquisition and successful integration ofAnthony Alan Foods Ltd
Commenting on the results, Dave Brooks, Chief Executive of Finsbury Food Group plc, said:
“This has been an extremely challenging period for the whole food industry and I fully expect the next twelve months or so to continue in this vein.In such turbulent times, the fittest and most flexible are those most likely to prosper. With our excellent innovation skills, speed of thought and action, and strong customer relationships, I feel we have a robust business model which should give us every opportunity to capitalise on our strong market position during these uncertain times.”