Rise in sales at Finsbury Food

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.

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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