Member Article

Finsbury Food Group report strong profits

Cake and bread producer Finsbury Food have enjoyed a successful financial year, with significant rises in revenue and profit.

The Cardiff-based manufacturer reported pre-tax profits of £6.5m compared with £5.8m the previous year.

Finsbury have subsidiaries, including United Central Bakeries and Memory Lane Cakes, across the UK.

The group reported 9.4% rises in revenue to £207.4m, and said its cake division experienced strong growth up 9.2% in the UK and export markets.

Growth in the bread and “Free From” division was driven by sales in the fresh gluten free market.

Sales increases of 10% in breads and gluten free products were particularly good in Finsbury Food’s Vogel’s bread and the Free From own label.

Debts were reduced by 8.6% across the group, and the organisation commended itself on “noteworthy” results and reaching a “significant revenue milestone”.

John Duffy, chief executive of Finsbury Food said: “The formula we have pursued has and will continue to remain steadfast, to maintain the pattern of growth in profitability, underpinned by a commitment to meeting the needs of our customers and consumers.

“I am confident that the pragmatic foundations so carefully laid down in recent years are set to produce enduring benefits for both the business and our shareholders.”

Finsbury Food manufacture a range of cakes for different dietary needs, and is the second largest manufacturer of Ambient Packaged Cake in the UK.

The company said that growth would be “organic” while its short-term focus would be on integrating and expanding its current business through bolt on acquisitions.

This was posted in Bdaily's Members' News section by Miranda Dobson .