Finsbury Food Group PLC Pre-Close Trading Statement (1944C)
18 January 2018 - 6:00PM
UK Regulatory
TIDMFIF
RNS Number : 1944C
Finsbury Food Group PLC
18 January 2018
Date: 18 January 2018
On behalf Finsbury Food Group plc ('Finsbury', 'the
of: Company' or 'the Group')
For immediate release
Finsbury Food Group plc
Pre-Close Trading Statement
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 that it has performed in
line with management expectations in today's update on trading for
the six months ended 30 December 2017 ("H1").
Total Group sales revenues, including the discontinued Grain
D'Or business, were GBP157.8m during H1, representing a 0.7%
increase in comparison to the equivalent prior year period.
Sales revenues attributed to the continuing businesses grew by
2.5% to GBP144.8m, with the UK Bakery division growing by 3.2% and
the Overseas division, the Group's 50% owned European business,
declining by 2.1%. This demonstrates the positive impact of the
Group's strategic diversification. These businesses now represent
the Group's core operations on entering the second half of the
Group's financial year and notably, this growth was achieved even
with a slightly reduced range of Christmas products. With this in
mind, the Board believes that its activities during the period
position the Group well for a solid performance for the rest of the
financial year and beyond.
During the period, the Group maintained its long-term focus on
upholding value for consumers and cost competitiveness for
customers by investing a further GBP4.9m from its strong cashflow
in initiatives which drive efficiency and productivity. Given the
previously reported headwinds which are facing the industry, this
proven strategy is focused on offsetting increases in the Group's
cost base.
The Board has built the Group into a diverse multi-channel
speciality bakery group. Following the exceptional growth and
diversification over the prior years, the business is well placed
to maintain its position, despite the market conditions. As such,
the Board believes it is well equipped to continue to deliver
growth and improved shareholder value over the coming years.
This announcement contains inside information.
ENDS
For further information:
Finsbury Food Group plc www.finsburyfoods.co.uk
John Duffy (Chief Executive) 029 20 357 500
Stephen Boyd (Finance Director)
Cenkos Securities plc
Bobbie Hilliam (Corporate Finance)
Redleaf Communications finsbury@redleafpr.com
Elisabeth Cowell
Ian Silvera
Fiona Norman
020 7382 4730
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 1 July 2017 exceeding GBP300m.
-- 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.
-- The Company is one of the largest ambient cake manufacturers
in the UK, a market valued at over GBP938 million (source: Symphony
IRI, 52 w/e 19(th) August 2017). The annual retail bread and
morning goods market has a value of GBP4.0 billion (source: Kantar
Worldpanel 52 weeks to 16(th) July 2017). The UK foodservice bread
and morning goods bakery sector is worth approximately GBP836
million per annum. The UK foodservice cake and sweet treat bakery
sector is worth approximately GBP494 million per annum (UK
foodservice data derived from NPD Crest 52 w/e 30(th) June
2017).
-- The Company comprises a UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff,
East Kilbride, Hamilton, Salisbury, Sheffield and Manchester.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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