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16 Jul 2018 | 14:44

Finsbury Food sales down 3.4% in 'very challenging' environment

Specialty baker Finsbury Food Group said its annual sales fell 3.4% after it closed some bakeries in what it described as a 'very challenging environment'.

Sales for the year through June fell to £303.6m. On a like-for-like basis, they rose 2.4% to £290.2m.

The company didn't give specific cost or profit guidance, only stating that it was confident of delivering profits in line with market expectations.

'In what has been a very challenging environment with unprecedented commodity and labour inflation, the group has done well to recover those cost pressures through a combination of operational efficiency and price recovery and at the same time, accelerating the reshaping of its asset footprint to drive further efficiency,' Finsbury Food said.

Looking ahead, the company said the UK economic environment remained challenging, while showing little sign of abating from the levels experienced and reported in previous statements. At 2:44pm: (LON:FIF) Finsbury Food Group PLC share price was -0.5p at 114.5p

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