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25 Feb 2019 | 16:27

Finsbury Food Group swings to profit in first half

Finsbury Food Group swung to a first-half profit Monday despite falling revenues amid a 'challenging' period.

For the six months to 31 December, the company reported a pre-tax profit of £7.5m compared with a loss of £1.2m a year earlier, while like-for-like revenue increased 0.5% to £145.5m.

Group revenue fell 3.5% to £152m as a loss of revenue from closed businesses was partially offset by acquisitions.

The company declared an interim dividend of 1.16 per share, up 5.5% on-year.

'In what has been a challenging period, we are pleased to report another robust set of financials, testament to the strength of our business and our position in the market place. This strength is clearly illustrated by the growth in margins achieved and the further increase in our dividend,' said John Duffy, Chief Executive of Finsbury Food Group.

'This resilience comes from a number of areas, both historic and ongoing: our capital investment, the diversification of the Group into foodservice and high growth areas such as Free From, and our constant drive for efficiency. However importantly, alongside this, our relentless drive to deliver on customer trends and ensure our products are not only best in class, but also what customers are looking for. Our launch of a new 'Vegan' brioche style burger bun is testament to this.'

'Whilst there is no doubt that the wider market pressures will continue in the period ahead, our market position is solid and we are well positioned both now and for the longer term.'

At 4:27pm: (LON:FIF) Finsbury Food Group PLC share price was -1.5p at 80.5p

Story provided by StockMarketWire.com
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