Finsbury Food Group PLC Trading Statement (8859P)
November 23 2016 - 2:00AM
UK Regulatory
TIDMFIF
RNS Number : 8859P
Finsbury Food Group PLC
23 November 2016
Date: 23 November 2016
On behalf Finsbury Food Group plc ('Finsbury',
of: 'the Company' or 'the Group')
For immediate release
Finsbury Food Group plc
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 first four months of the new financial year.
The Board is pleased to report that, following the very strong
growth of recent years, trading has been successfully maintained at
these levels into the new financial year and performance is in line
with expectation. Total Group sales revenues were GBP101.5m during
the first four months, despite an established trend of UK retail
food market deflation. The UK Bakery division declined by 4.0%
however the Overseas division, the Group's 50% owned European
business, grew by 36.5% continuing to demonstrate the strengths of
our strategic diversification.
Whilst consumer confidence has remained stronger than
anticipated, input costs, which are globally priced in dollars or
euros, have increased substantially following sterling's weakness.
The Group has been able to respond to these challenges by modifying
promotional activity whist also reviewing potential opportunities
for reformulation changes to minimise the on-cost and maintain
affordability of our great products for customers.
The Group continues to benefit from strong cashflow allowing
elevated levels of investment to increase product innovation and
importantly efficiency and productivity throughout the Group. The
Directors see this as a fundamental part of our long-term
competitiveness as well as enabling the Group to continue to deal
with known headwinds such as sterling induced commodity inflation
and the planned national living wage increases.
Our larger, more diversified speciality bakery group is a strong
multi-channel business which the Board believes is well equipped to
deliver growth and improved shareholder value over the coming
years.
This announcement contains inside information.
- ENDS -
For further information:
Finsbury Food Group plc www.finsburyfoods.co.uk
John Duffy (Chief Executive) 029 20 357 500
Stephen Boyd (Finance Director)
Cenkos Securities plc
Bobbie Hilliam (Corporate
Finance)
Redleaf Communications finsbury@redleafpr.com
Rebecca Sanders-Hewett 020 7382 4730
Sarah Fabietti-Dallison
Sam Modlin
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.
-- Following the acquisition of the Fletchers Group of bakeries,
the Company is one of the largest speciality bakery groups in the
UK with annualised sales in 2016 exceeding GBP300 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.
-- The Company is now the second largest manufacturer of ambient
packaged cake (excluding In Store Bakery (ISB)) in the UK, a market
valued at over GBP950m (Source Symphony IRI 52 w/e 13 August 2016).
The annual retail bread and morning goods market has a value in
excess of GBP4.0 billion (source Kantar Worldpanel 52 weeks to 19
June 2016). The UK foodservice bread and morning goods bakery
sector is worth approximately GBP800 million per annum, 70 per cent
of which is in morning goods. The UK foodservice cake and sweet
treat bakery sector is worth approximately GBP600m per annum.
-- The Company comprises a UK Bakery division and an Overseas
division:
-- UK Bakery has manufacturing sites in Cardiff, East Kilbride,
Hamilton, Twechar, Salisbury, Sheffield, London and Manchester.
-- The overseas sector comprise, the Company's 50% owned Company
Lightbody Stretz Ltd that supplies
This information is provided by RNS
The company news service from the London Stock Exchange
END
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