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15 Jul 2019 | 08:36

Finsbury Food expects to deliver profits in line with expectations following a stronger second half

UK-based baker Finsbury Food Group said it expected to deliver profits in line with expectations thanks to a stronger second-half performance driven by price recovery and new business wins.

On a like for like basis, group sales revenue were expected to increase 3.1% to £299.3m, with sales in the second half increasing 5.7% against the equivalent period in the prior year.

When the contribution from closed and acquired businesses are included, group sales increased by 3.8% to £315.3m, with sales in the second half increasing by 11.7%.

In the group's core division, UK Bakery, like for like sales grew by 4.7%, ahead of the wider market. This was achieved despite the ongoing malaise in consumer confidence and the broader macro environment.

The group's overseas division declined by 9.8% on a like for like basis but grew by 13.2% when including the acquired Ultrapharm business.

Looking ahead, the company said it was confident of delivering profits in line with market expectations for the full financial year ended 29 June 2019.

At 8:36am: (LON:FIF) Finsbury Food Group PLC share price was +2p at 66.5p

Story provided by StockMarketWire.com
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