Finsbury Food Group, a leading UK speciality bakery manufacturer of cake, bread and morning goods for the retail and foodservice channels, has announceed its unaudited interim results for the 26 weeks ended 26 December 2015.
Group revenue stood at £156.6m which was up 46% (H1 2014: £107.6m) and up 7.4% on a like-for-like basis.
Operating profit was £8.0m, a rise of 78% (H1 2014: £4.5m), and up 21% on a like-for-like basis. Group operating profit margin was 5.1% (H1 2014: 4.2%), and profit before tax was £7.5m up 84% (H1 2014: £4.1m), and up 22% on a like-for-like basis.
The prior year acquisitions of Fletchers in October 2014 and Johnstone's in June 2015 are fully integrated and are providing a broader spread of customers across food retail and foodservice channels.
The group has now becomes one of the largest speciality bakery groups in the UK with annualised revenues exceeding £300m.
For the period, the firm showed organic sales growth of 7.4%, driven by market share growth across the group.
The new cake innovation centre is now fully operational
Finsbury has successfully diversified into foodservice from existing Cake sites, and has launched artisan breads into the foodservice sector.
CEO John Duffy said, 'We are very pleased to once again be reporting a strong first half performance, with our organic growth being supplemented by the acquisition of Fletchers and Johnstone's. Alongside this growth, our capital investment strategy, together with our continued efficiency programme has resulted in improved operating margins.
'Despite operating in a challenging market, we have created a Group that is well positioned to flourish in an improving environment and we look forward to benefitting from increased consumer confidence. Having built solid foundations and implemented a robust growth strategy that aims to create sustainable value for our stakeholders, we look forward to driving further growth both organically and through strategic M&A.'