CAKE manufacturer
The company reported yesterday that group revenue increased 4.7 per cent to £159.4m, with
Meanwhile profit before tax was up 17.9 per cent to £8.8m in the 26 weeks to 28 December.
During the period Finsbury launched a new range of
"The broader channel, customer and product diversification we now have in the business gives us a solid platform on which to build and we continue to benefit from access to higher growth opportunities such as Free From and consumer niches such as artisan bread," chief executive
The company also opened a new gluten-free bakery in
It also implemented a group-wide review and standardisation of bakery processes to improve quality and reduce waste.
Basic earnings per share increased 14 per cent to 4.9p during the period and the company increased its interim dividend per share by six per cent to 1.23p. Net debt fell £3.5m to £32.6m.
Duffy said economic pressures affecting the industry would continue but added that the firm is resilient.
He said: "Moving into the second half, while the macroeconomic pressures affecting the industry look set to continue, our long-term, consistent and disciplined approach to investment and unwavering focus on driving increased productivity and efficiency across the group means Finsbury is now a much more resilient business and better equipped to weather difficult trading conditions."
(c) 2020 City A.M., source