Finsbury Food Group PLC AGM Statement (7490S)
18 November 2021 - 6:00PM
UK Regulatory
TIDMFIF
RNS Number : 7490S
Finsbury Food Group PLC
18 November 2021
Date: 18 November 2021
On behalf of: Finsbury Food Group Plc ("Finsbury" or "the Company")
For immediate release
Finsbury Food Group Plc
AGM 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, will be holding its Annual General
Meeting today at 9.00am. At the meeting, Peter Baker, Non-Executive
Chairman of the Company, will make the following statement:
"As reported in the Group's full year results in September, we
delivered a robust financial performance with year-on-year revenue
growth and a total sales figure almost at pre-pandemic levels,
despite having to navigate such challenging circumstances over the
period.
The resilient performance of the previous financial year has
continued into the current financial year. Sales for the first four
months of FY22 grew by 8.3% to GBP106.2m, driven by a stable
performance in UK retail, continued robust recovery of foodservice
and a very strong overseas performance.
Like many others in the manufacturing, distribution and retail
sectors, we continue to manage challenges around inflation, skilled
labour, driver shortages and other supply chain disruptions. We
have responded quickly to mitigate much of the impact of these
challenges through commercial negotiation and other initiatives.
Whilst there is uncertainty around how long they will persist,
Finsbury has a track record of successfully navigating challenging
market conditions, as proven throughout the Covid-19 pandemic.
Through disciplined implementation of its business' Operating
Principles, Finsbury continues to make excellent progress in
becoming a more efficient group with increasing synergies and scale
benefits. We will continue to manage industry headwinds while
driving the business forward and look forward to updating the
market again in January."
The AGM will be broadcast live. In order to gain access to the
webcast, shareholders will be required to pre-register via the
following link www.bit.ly/FIFAGM2021 .
Contact:
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)
Edward Walsh 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 26 June 2021 exceeding GBP313m.
-- 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 pastries, 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 GBP992 million (source: IRI 52
w/e 11(th) September 2021). The retail bread and morning goods
market has a value of GBP5.1 billion (source: Kantar Worldpanel 52
w/e 5(th) September 2021). The retail Free From cake market is
valued at GBP52 million (source: Kantar Worldpanel 52 w/e 8(th)
August 2021). The retail Free From bread & morning goods market
is valued at GBP146 million (source: Kantar Worldpanel 52 w/e 5(th)
September 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 and third party products,
primarily to Europe, and the Company's manufacturing facilities in
Rybarzowice and Zywiec in Poland.
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END
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