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.
Subscribe to 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
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
