TIDMFIF
RNS Number : 1288F
Finsbury Food Group PLC
14 July 2021
Date: 14 July 2021
On behalf Finsbury Food Group Plc ('Finsbury', 'the
of: Company' or 'the Group')
For immediate release
Finsbury Food Group Plc
Pre-Close Trading Update
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, is today providing an update on
trading for the full financial year, ending 26 June 2021, prior to
entering its close period ahead of the preliminary announcement on
20 September 2021.
The Group delivered a strong second half performance, as
outlined in the Group's 26 May 2021 trading update, with H2
revenues up 9.1% against the corresponding period in the prior year
despite further Covid unlocking delays. This strong performance has
resulted in revenues for the year increasing 2.3% to GBP313.3m
(2020: GBP306.3m), which is almost at pre-pandemic levels (FY19:
GBP315.3m).
Revenue in the Group's core division, UK Bakery, increased 0.8%
for the full year, driven by a strong second half with H2 revenues
up 6.8% versus the prior year. The recovery of the Group's
foodservice business has continued although slower than expected
due to ongoing Covid restrictions.
The Group's Overseas division delivered an extremely positive
performance in the second half versus the corresponding period in
the prior year, which was negatively impacted by earlier
implementations of Covid lockdowns across Europe. This, combined
with an earlier recovery than in the UK, resulted in revenues in H2
2021 increasing 27.4% versus H2 2020. Overseas revenues for the
full year were up 13.4% against the prior year.
The Group's Operating Brilliance Programme continued to drive
improvements in cost and cash performance with a significant
strengthening of the Group's net bank debt position by year end to
GBP13.1m, a reduction of GBP8.4m from 26 December 2020.
John Duffy, Chief Executive of Finsbury Food Group Plc,
said:
"It is testament to the hard work and commitment of our teams
that we have been able to successfully manage and adapt the
business under challenging circumstances, resulting in year-on-year
revenue growth and a total sales figure almost at pre-pandemic
levels.
Our Retail business performed very well and while our
foodservice business has continued to be impacted by Covid-related
restrictions, the performance of the division has continued to
improve on a quarter-by-quarter basis since the outset of the
pandemic. We are pleased with the resilience the Group has
shown.
Looking ahead, while the current operating environment continues
to experience near-term uncertainty amidst challenging economic
conditions, assuming trading conditions continue to normalise, we
are confident in our ability to make further progress in the
current financial year and in being able to deliver on our
longer-term growth ambitions."
For further information:
Finsbury Food Group
John Duffy (Chief
Executive)
Steve Boyd (Finance
Director) www.finsburyfoods.co.uk 029 20 357 500
Panmure Gordon (UK)
Limited
Oliver Cardigan (Corporate
Finance)
Atholl Tweedie
Erik Anderson (Corporate
Broking) 020 7886 2500
Alma PR
Sam Modlin
David Ison
Hilary Buchanan
Molly Gretton 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 27 June 2020 exceeding GBP306m.
-- The Company's bakery product range is comprehensive and includes:
-- Large premium and celebration cakes.
-- Small snacking cake formats such as cake slices and bites.
-- Artisan, healthy lifestyle and organic breads through to
rolls, muffins (sweet and savoury) and morning goods, all of which
are available both fresh and frozen dependent on customer channel
requirements.
-- 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 GBP978 million (source: IRI 52
w/e 19th June 2021). The retail bread and morning goods market has
a value of GBP5.1 billion (source: Kantar Worldpanel 52 w/e 18th
April 2021). The retail Free From cake market is valued at GBP52
million (source: Kantar Worldpanel 52 w/e 16th May 2021). The
retail Free From bread & morning goods market is valued at
GBP144 million (source: Kantar Worldpanel 52 w/e 18th April
2021).
-- The Company comprises a core UK Bakery division and an Overseas division:
-- The UK Bakery division has manufacturing sites in Cardiff,
East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and
Pontypool.
-- The Overseas division comprises the Company's 50% owned
company, Lightbody Stretz Ltd, which supplies and distributes the
Group's UK-manufactured products, primarily to Europe, and the
Company's manufacturing facilities in Rybarzowice and Zywiec in
Poland.
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