Finsbury Food said total group sales topped £100m for the first time as progress continued at both of its businesses despite difficult consumer and inflationary conditions.
UK Cake and Bread and Free From businesses saw strong growth of 10% and 8% respectively and total group sales revenues rose to £102m. This represents organic growth of just over £14m and an increase of 16% compared with the previous year.
"The trading environment remains very tough, with the challenges of a financially squeezed shopper, and stubbornly high commodity and input price inflation," Finsbury said in a company statement.
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
However the group continues to see growth opportunities within its businesses and, after the first half, is trading in line with expectations.
Chief executive John Duffy commented, "Commodity inflation remains very high year on year and this continues to depress our already low operating margins."
"It is hard to forecast any improvement in this in the short term, however management and staff are committed to deliver on our twin strategy of growth and continued efficiency investment to ensure our continued success in this difficult market place."
-
5 alternatives to Reeves’ inheritance tax raid on rural Britain as families face ‘splitting up or selling’ farmsInheritance tax limits are now so low they attack small working family farms rather than just going after tax loopholes, one Cotswolds farmer has said
-
High earners at risk of £65k retirement shockHigh earners could face some of the biggest pension shortfalls when they retire, as the cost of maintaining an expensive lifestyle could erode their retirement savings
