Trading Update

RNS Number : 7889Z

Finsbury Food Group PLC

26 May 2021

 

Date:	26 May 2021
On behalf of:	Finsbury Food Group Plc ('Finsbury', 'the Company' or 'the Group')
For immediate release

Finsbury Food Group Plc

Trading Update

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, today provides an update on trading for the current financial year, ending 26 June 2021.

Trading in the second half of the financial year has been strong and the Board now anticipates that Profit Before Tax for the full year will be no less than £15.0m, ahead of current market expectations.

The strong trading, in a period that has been impacted by Covid-19 throughout, has been driven by improving volume performance and the benefits of the Group's operating brilliance program which has resulted in improved line efficiency and lower waste throughout the Group's bakeries.

In the light of the expected performance and the current outlook, the Board plans on reintroducing the payment of the dividend for the financial year ending 26 June 2021.

This announcement contains inside information as stipulated under the Market Abuse Regulation (EU no. 596/2014) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.   Upon the publication of this announcement the inside information is now considered to be in the public domain.

For further information:

Finsbury Food Group   John Duffy (Chief Executive) Steve Boyd (Finance Director)	www.finsburyfoods.co.uk	029 20 357 500
Panmure Gordon (UK) Limited Oliver Cardigan (Corporate Finance) Atholl Tweedie Joanna Langley Erik Anderson (Corporate Broking)		020 7886 2500
Alma PR   Sam Modlin David Ison Hilary Buchanan Molly Gretton	[e-mail]	020 3405 0205

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.

· The Company is one of the largest speciality bakery groups in the UK and, with its Overseas division, has sales in the financial year ending 27 June 2020 exceeding £306m.

· 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 goods, all of which are available both fresh and frozen dependent on customer channel requirements.

· Gluten Free bread, morning goods and cake ranges.

· The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £961 million (source: IRI 52 w/e 27^th March 2021). The retail bread and morning goods market has a value of £5.1 billion (source: Kantar Worldpanel 52 w/e 18^th April 2021). The retail Free From cake market is valued at £52 million (source: Kantar Worldpanel 52 w/e 18^th April 2021). The retail Free From bread & morning goods market is valued at £144 million (source: Kantar Worldpanel 52 w/e 18^th April 2021).

· The Company comprises a core UK Bakery division and an Overseas division:

· The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.

· The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products, primarily to Europe, and the Company's manufacturing facilities in Rybarzowice and Zywiec in Poland.

 

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