TIDMFIF
RNS Number : 0292T
Finsbury Food Group PLC
20 July 2022
Date: 20 July 2022
On behalf Finsbury Food Group Plc ('Finsbury', 'the
of: Company' or 'the Group')
Finsbury Food Group Plc
Pre-Close Trading Update 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, is today providing an update on
trading for the financial year, ended 2 July 2022, prior to
entering its close period.
The Group delivered a robust full year performance in line with
market expectations whilst having to manage and adapt the business
under exceptional macroeconomic and inflationary headwinds. Total
sales of GBP356.8m represent a 13.9% increase of which volume is
8.7% versus the corresponding period in the prior year. The Group
delivered a strong second half performance, with H2 revenues up
18.7% (volume is 10.0%) against the corresponding period in the
prior year.
This growth in sales has been driven by a stable performance in
the Group's core division, UK Bakery, +12.1%, which includes a
continuation of the robust recovery in foodservice, +38.1%, and a
+26.6% increase in the Group's Overseas division.
The Company has continued to be challenged by the persistent
pressure from input cost inflation, staff shortages and other
supply chain disruptions. Pleasingly, it was able to mostly
mitigate the impact of these pressures through revised commercial
arrangements, operational improvements and other supply chain
initiatives. It will continue in the same vein as further
inflationary cost pressures are expected in the new financial
year.
The Group also successfully negotiated a new four + one year
GBP120m credit facility (GBP60m core + GBP60m accordion) effective
as of 27 June 2022. As relayed in the February 2022 Interim Results
announcement, the Board continues to explore opportunities to
accelerate the growth of the Group through targeted acquisitions.
Whilst the current stock market conditions persist and lower
ratings of food manufacturers become a feature, these new credit
facilities provide financial flexibility for the Group to pursue
its significant growth ambitions.
Notice of results
The Group will announce its Full Year Results, for the twelve
months ended 2 July 2022 on Monday 26 September 2022. Finsbury will
host a webinar for analysts at 09:00am on 26 September 2022.
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 16:30pm GMT on Tuesday 27
September 2022. 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
John Duffy, Chief Executive of Finsbury Food Group Plc,
commented:
"To have delivered a record revenue performance this year that
is in line with market expectations despite the challenging
backdrop is testament to the hard work of our teams and the
resilience of our model. Our Retail business performed well, we
continued to see a bounce back in foodservice, and our Overseas
division continued to see strong growth.
In recent years, we have experienced unprecedented challenges
first triggered by the Covid crisis and now by significant input
cost inflation and falling consumer confidence. While headwinds are
expected to persist, we have a strong balance sheet and a
successful track record of navigating challenging market
conditions. I remain confident in Finsbury's ability to deliver on
its long-term growth ambitions."
For further information:
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
Matthew Young 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 2 July 2022 exceeding GBP356m
-- 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 GBP1.024bn (source: IRI 52 w/e 18th
June 2022). The retail bread and morning goods market has a value
of GBP5.1 billion (source: Kantar Worldpanel 52 w/e 12th April
2022). The retail Free From cake market is valued at GBP57 million
(source: Kantar Worldpanel 52 w/e 12th April 2022). The retail Free
From bread & morning goods market is valued at GBP159 million
(source: Kantar Worldpanel 52 w/e 12th April 2022).
-- 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 85% 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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