Finsbury Food Group PLC Trading Update (1422X)
November 22 2017 - 1:00AM
UK Regulatory
TIDMFIF
RNS Number : 1422X
Finsbury Food Group PLC
22 November 2017
Date: 22 November 2017
On behalf of: Finsbury Food Group plc ('Finsbury', 'the Company'
or 'the Group')
For immediate release
Finsbury Food Group plc
Trading Update
Finsbury Food Group Plc (AIM: FIF), a leading UK speciality
bakery manufacturer of cake, bread and morning goods for both the
retail and foodservice channels, is pleased to announce that
trading for the first four months of the new financial year is in
line with expectations.
Total Group sales revenues grew by 4% to GBP105.5 million during
the first four months of the 2017/2018 financial year. This is a
pleasing performance which shows resilience and recognises that the
UK retail food market has recently transitioned from a deflationary
to an inflationary environment.
Additionally, Finsbury continues to benefit from the
geographically diverse nature of its operations. The UK Bakery
division's sales increased by 5% in comparison to the corresponding
2016/2017 period, while the Overseas division, the Group's 50%
owned European business, declined by 3.8% when compared to the
corresponding 2016/2017 period.
The multi-channel Group has a strong track record of
successfully navigating the previously reported head-winds which
continue to face the entire industry. This resilience has been
achieved by investing in initiatives which drive efficiency and
productivity and therefore offset increases in the Group's cost
base to ensure that Finsbury is well positioned to maintain value
for consumers and to remain a competitive, low cost producer for
customers.
Having delivered strong cashflow during the period, the Group is
ideally positioned to maintain this focus, and the Board is
therefore confident that Finsbury is well-equipped to deliver
growth and shareholder value going forward.
This announcement contains inside information.
ENDS
For
further information:
Finsbury Food Group plc www.finsburyfoods.co.uk
John Duffy (Chief Executive) 029 20 357 500
Stephen Boyd (Finance Director)
Cenkos Securities plc
Bobbie Hilliam (Corporate Finance)
Redleaf Communications finsbury@redleafpr.com
Elisabeth Cowell
Ian Silvera
Fiona Norman
020 7382 4730
Notes to editors:
-- Finsbury Food Group Plc (AIM: FIF) is a leading UK
manufacturer of cake and bread bakery goods, supplying a broad
range of blue chip customers within both the grocery retail and
'out of home eating' foodservice sectors including major multiples
and leading foodservice providers.
-- The Company is one of the largest speciality bakery groups in
the UK and, with its Overseas division, has sales in the financial
year ending 1 July 2017 exceeding GBP300m.
-- The Company's bakery product range is comprehensive and includes:
o Large premium and celebration cakes.
o Small snacking cake formats such as cake slices and bites.
o Artisan, healthy lifestyle and organic breads through to
rolls, muffins (sweet and savoury) and morning pastries, all of
which are available both fresh and frozen dependent on customer
channel requirements.
-- The Company is one of the largest ambient cake manufacturers
in the UK, a market valued at over GBP938 million (source: Symphony
IRI, 52 w/e 19(th) August 2017). The annual retail bread and
morning goods market has a value of GBP4.0 billion (source: Kantar
Worldpanel 52 weeks to 16(th) July 2017). The UK foodservice bread
and morning goods bakery sector is worth approximately GBP836
million per annum. The UK foodservice cake and sweet treat bakery
sector is worth approximately GBP494 million per annum (UK
foodservice data derived from NPD Crest 52 w/e 30(th) June
2017).
-- The Company comprises a UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff,
East Kilbride, Hamilton, Salisbury, Sheffield and Manchester.
o The Overseas division comprises the Company's 50% owned
company, Lightbody Stretz Ltd, which supplies and distributes the
Group's UK-manufactured products and third party products,
primarily to Europe.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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November 22, 2017 02:00 ET (07:00 GMT)
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