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Finsbury Food Posts 12% Rise In Sales

by kamcity.com - 27/09/2011

Finsbury Food Posts 12% Rise In Sales

"Finsbury Food has posted a 12.6% increase in annual revenue as its cake division returned to growth and progress was made across the rest of group."

Adjusted pre-tax profit at the cake and bread maker rose to £5.8m in the year ended 2 July 2011 from £5.4m the year before. Revenue increased to £189.6m from £168.3m previously.

Finsbury's cake division returned to growth with sales up by 12.1% to £139.6m during the year. Its bread & free from sales rose 14.2% to £50m following investment in Vogels and ongoing growth in the fresh free from product range with Genius and own label.

Chief Executive John Duffy said he was pleased with the, "strong organic growth across all divisions, despite the exceptional impact of commodity and cost inflation."

"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."

Looking ahead he added: "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."

More Details: http://www.kamcity.com/namnews/asp/newsarticle.asp?newsid=61761