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RNS Number : 4356G
Finsbury Food Group PLC
19 July 2023
Date: 19 July 2023
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 1 July 2023, prior to
entering its close period.
The Group delivered a resilient full year performance despite
the challenges of persistent significant cost inflation and
macroeconomic uncertainty. Total Group sales of GBP413.7m, which
includes the acquisition of Lees Foods Limited, increased by 16.0%
versus the previous year, and 12.6% excluding Lees. The Group
delivered a strong second half performance, with H2 revenues up
17.1% versus the corresponding period in the prior year. The growth
in sales has been driven primarily by price and the incremental
volume from Lees.
The Group's core division, UK Bakery, which includes Lees,
delivered a robust performance with a 14.5% sales increase versus
the prior year, this includes a continuation of the recovery in
foodservice, up 25.1%, whilst the Group's Overseas division again
performed strongly, delivering a 25.0% increase versus the prior
year.
The Group's strategic acquisition of Lees further consolidated
its position in the sweet treats sector and grew its manufacturing
presence in Scotland. Lees has a well-established number one
position in the UK meringue category and strong relationships
across a high quality and diverse customer base. This provides
Finsbury with the opportunity to build upon both businesses'
existing retail relationships and unlock further commercial
opportunities, including out of home eating. Since the acquisition,
the performance of the Lees business has been in line with
management's expectations.
The Company has continued to operate in an incredibly
challenging environment as significant cost inflation and
macroeconomic uncertainly has persisted throughout the period.
However, the Company has, once again, successfully focused on
managing these challenges through commercial terms, operational
improvements and other supply chain and overhead initiatives. This
focus will remain as further challenges are expected in the new
financial year.
Notice of results
The Group will announce its Full Year Results, for the twelve
months ended 1 July 2023 on Tuesday 26 September 2023. Finsbury
will host a webinar for analysts at 09:00am on 26 September 2023.
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 Wednesday
27 September 2023. 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:
"The record revenue performance, which is in line with market
expectations, that we have delivered this year is testament to the
ongoing demand for our products and the resilience and
determination of the business. Across the Group, we have seen a
stable performance in UK retail, ongoing recovery in UK foodservice
and continued growth in our Overseas division. I would like to
thank the whole Finsbury team for their hard work and dedication
during what has been a testing year.
Whilst the challenges that we have faced over the past few years
have been significant, and are likely to remain in the short-term,
Finsbury has proven itself to be an adaptable and resilient
business. We continue to make good progress against our objectives,
based around our three strategic pillars of Excellence, Growth and
Responsibility and underpinned by our Operating Principles, and we
remain well placed to deliver on our long-term growth
ambitions."
Contact:
Finsbury Food Group
John Duffy (Chief
Executive Officer)
Steve Boyd (Finance
Director) www.finsburyfoods.co.uk 029 20 357 500
Panmure Gordon (UK)
Limited
Dominic Morley
Atholl Tweedie
Rupert Dearden 020 7886 2500
Alma PR
Sam Modlin
Rebecca Sanders-Hewett
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, had sales in the financial
year ending 2 July 2022 exceeding GBP356 million.
-- 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 GBP1.1 billion (source: IRI 52 w/e 17
June 2023). The retail bread and morning goods market has a value
of GBP5.9 billion (source: Kantar Worldpanel 52 w/e 16 April 2023).
The retail Free From cake market is valued at GBP65.6 million
(source: Kantar Worldpanel 52 w/e 16 April 2023). The retail Free
From bread and morning goods market is valued at GBP178.3 million
(source: Kantar Worldpanel 52 w/e 16 April 2023).
-- 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,
Pontypool and now Coatbridge.
-- The Overseas division comprises the Company's 85% owned
company, Lightbody-Stretz Limited, which supplies and distributes
the Group's UK-manufactured products and third-party products, in
Europe, and the Company's manufacturing facilities in Rybarzowice
and ywiec in Poland.
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END
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