Finsbury Food Group, leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, has announced its preliminary results for the financial year ended 27 June 2015.
Group revenue stood at £256.2m up 45.8% (2014: £175.7m) and was up 6.1% on a like-for-like basis. Adjusted operating profit was £12.4m, up 61% (2014: £7.7m) and up 20% on a like-for-like basis. Profit before tax came in at £11.4m, up 76% (2014: £6.5m).
Foodservice sales growth was ahead of market growth with 20 new products launched across five ranges.
The group acquired Fletchers in the period, giving a broader spread of customers across food retail and foodservice channels in cake, bread and morning goods businesses.
Also acquired was the trade and assets of Johnstone's, augmenting its foodservice offering.
John Duffy, Chief Executive, commented, 'The past year has truly been transformational. Building on our organic growth, the acquisitions in the period have diversified the group into new channels and widened our customer base. In concurrence, we have invested significantly in the business to ensure long term competitiveness.
'With annualised turnover of close to £300m, Finsbury is a diverse bakery group with an ambition to increase shareholder value, identify acquisition opportunities and deliver further growth. Even in the value conscious consumer markets we are operating in, our solid strategy and unwavering vision allows us to look forward to the year ahead with confidence.'