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FIF - Finsbury Food News Story

83.5p 0.5  0.6%

Last Trade - 18/11/19

Sector
Consumer Defensives
Size
Small Cap
Market Cap £108.2m
Enterprise Value £145.8m
Revenue £315.3m
Position in Universe 959th / 1845

Finsbury Food Group - Change of Auditor

Fri 31st May, 2019 7:00am
RNS Number : 6790A
Finsbury Food Group PLC
31 May 2019
 

Finsbury Food Group Plc

("Finsbury" or the "Company" or the "Group") 

     Change of Auditor

The Company announces that, following a competitive tender process, PricewaterhouseCoopers LLP ("PwC") has been appointed as auditor to the Group for the financial year ended 30 June 2019. PwC's appointment will be recommended to shareholders for approval at the 2019 Annual General Meeting.

 

KPMG LLP, the Company's outgoing auditor, has confirmed to the Company that there are no matters connected with it ceasing to hold office that need to be brought to the attention of members or creditors of the Company for the purposes of section 519 of the Companies Act 2006.

 

The Company would like to thank KPMG for its work with the Group over the past 11 years.

 

- ENDS -

 

For further information:

Finsbury Food Group                      

John Duffy (Chief Executive)

Steve Boyd (Finance Director)

 

www.finsburyfoods.co.uk                  

029 20 357 500

Cenkos Securities

Max Hartley (Corporate Finance)

 

 

0207 397 8900

Alma PR                                         

Rebecca Sanders-Hewett

Sam Modlin

finsbury@almapr.co.uk                       

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 30 June 2018 exceeding £300m.

 

·      The Company's bakery product range is comprehensive and includes:

o  Large premium and celebration cakes.

o  Small snacking cake formats such as cake slices and bites.

o  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 one of the largest ambient cake manufacturers in the UK, a market valued at over £950 million (source: IRI, 52 w/e 8th December 2018). The annual retail bread and morning goods market has a value of £4.4 billion (source: Kantar Worldpanel 52 weeks to 30th December 2018). The UK foodservice bread and savoury morning goods bakery sector is worth approximately £743 million per annum (source: derived from MCA data for 52 weeks to 30th September 2018). The UK foodservice cake and sweet morning goods bakery sector is worth approximately £913 million per annum (UK foodservice data derived from MCA data for 52 weeks to 30th September 2018).

 

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

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

o  The Overseas division comprises the Company's 50% owned company, Lightbody Stretz Ltd, which supplies and distributes the Group's UK-manufactured products and third party products, primarily to Europe.

 

·      Since the year end date of 30 June 2018, the Company completed the acquisition of Free From baker Ultrapharm, giving the Group a significant opportunity to access an exciting and high growth marketplace and manufacturing facilities in Pontypool in the UK and in Żywiec, Poland.

 

 

 

 


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