Finsbury Food Group PLC Pre-Close Trading Statement and Notice of Results (2675Y)
January 13 2022 - 1:00AM
UK Regulatory
TIDMFIF
RNS Number : 2675Y
Finsbury Food Group PLC
13 January 2022
Date: 13 January 2022
On behalf of: Finsbury Food Group Plc ("Finsbury" or "the Company")
For immediate release
Finsbury Food Group Plc
Pre-Close Trading Statement and Notice of Results
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, announces an update on trading for
the six months ended 25 December 2021.
The Group delivered a robust H1 performance, notwithstanding the
external challenges being faced by the Company, with total sales of
GBP166.5m representing an 8.9% increase versus the corresponding
period in the prior year. It also reflects a 4.4% increase on the
first half of FY 2020 (30 June to 28 December 2019) which was a
period unaffected by the pandemic.
This growth in sales has been driven by a stable performance in
UK retail (+1.5%), a continuation of the robust recovery in
foodservice (+25.9%) and a 32.3% increase in the Group's Overseas
division.
Throughout H1 the Group has faced persistent pressure from input
cost inflation, staff shortages and other supply chain disruptions.
It has been able to successfully mitigate the impact of these
pressures to date through commercial negotiations, operational
improvements and other supply chain initiatives. It will continue
in the same vein given further inflationary cost pressures are
expected in H2. In addition, the impact of Omicron on foodservice
consumer demand and production disruption due to staff members
required to self-isolate remains unpredictable, but the Company has
a successful track record of navigating challenging market
conditions, and will continue to use its experience as it works
through the second half.
Notice of results
The Group will announce its Interim Results, for the six months
ended 25 December 2021, on Monday 21 February 2022.
Finsbury will host a webinar for analysts at 09:00am on Monday
21 February. Analysts wishing to attend the webinar should contact
Alma PR via finsbury@almapr.co.uk .
The Company will also host a presentation for retail investors
on the Investor Meet Company platform at 4:00pm GMT on Tuesday 22
February. Shareholders who already follow Finsbury Food Group on
the platform will automatically be invited, others are invited to
register in advance via the following link:
https://www.investormeetcompany.com/finsbury-food-group-plc/register-investor
Contact:
Finsbury Food Group
John Duffy (Chief Executive)
Steve Boyd (Finance
Director) www.finsburyfoods.co.uk 029 20 357 500
Panmure Gordon (UK)
Limited
Oliver Cardigan (Corporate
Finance)
Atholl Tweedie
Erik Anderson (Corporate
Broking)
Edward Walsh 020 7886 2500
Alma PR
Sam Modlin
David Ison
Molly Gretton finsbury@almapr.co.uk 020 3405 0205
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 26 June 2021 exceeding GBP313m.
-- The Company's bakery product range is comprehensive and includes:
-- Large premium and celebration cakes.
-- Small snacking cake formats such as cake slices and bites.
-- 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.
-- Gluten Free bread, morning goods and cake ranges.
-- The Company is one of the largest ambient cake manufacturers
in the UK, a market valued at GBP1bn (source: IRI 52 w/e 4th
December 2021). The retail bread and morning goods market has a
value of GBP5.2 billion (source: Kantar Worldpanel 52 w/e 26th
December 2021). The retail Free From cake market is valued at GBP54
million (source: Kantar Worldpanel 52 w/e 26th December 2021). The
retail Free From bread & morning goods market is valued at
GBP153 million (source: Kantar Worldpanel 52 w/e 26th December
2021).
-- The Company comprises a core UK Bakery division and an Overseas division:
-- The UK Bakery division has manufacturing sites in Cardiff,
East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and
Pontypool.
-- 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, and the Company's manufacturing facilities in
Rybarzowice and Zywiec in Poland.
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END
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