Sales exceed £100m at Finsbury Food

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

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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."

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.