Cake, bread and gluten-free bakery goods maker Finsbury Food said annual revenue increased revenue by 9.4 per cent after solid growth across all of its divisions.
Revenue rose to £207.4m for the 52 weeks ended June 30th 2012 from £189.6m a year earlier. Adjusted pre-tax profit increased to £6.5m from £5.8m.
Sales at the Cake division grew 9.2% to £152.4m after buoyant demand from the UK and export markets.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
At Bread and Free From sales rose 10% to £54.9m after robust demand in the fresh gluten free market, Vogel's brand growth and fresh Free From own label in the speciality bread market.
Chief Executive Officer John Duffy was pleased with the results despite continued market pressures, saying, "the formula we have pursued has and will continue to remain steadfast, to maintain the pattern of growth in profitability".
Finsbury said it continues to expand its 50% owned subsidiary Lightbody Europe and has created fresh Free From own-branding opportunities with major supermarket retailers.
Adjusted diluted EPS rose to 7.8p from 7.1p in 2011 while total net debt, including deferred consideration fell by 8.6% to £33.9m.
CJ
-
Millions at risk of 'unnecessary' tax bill – how to shield your savingsMillions of Brits could be taxed on their savings interest this year as their savings interest exceeds the personal savings allowance. Are you at risk?
-
Savers will have to wait as long as 48 years to build a £1m cash ISA pot if allowance is cutChancellor Rachel Reeves is rumoured to be planning a cut to the cash ISA allowance in the Autumn Budget, making it harder for savers to build wealth. Will you still be able to build a £1 million cash ISA pot?
