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REG - Finsbury Food Group - Pre-Close Trading Statement and Notice of Results

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RNS Number : 2675Y  Finsbury Food Group PLC  13 January 2022

 Date:          13 January 2022
 On behalf of:  Finsbury Food Group Plc ("Finsbury" or "the Company")
 For immediate release

 

Finsbury Food Group Plc

Pre-Close Trading Statement and Notice of Results

 

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, announces an update on trading for the six months ended
25 December 2021.

 

The Group delivered a robust H1 performance, notwithstanding the external
challenges being faced by the Company, with total sales of £166.5m
representing an 8.9% increase versus the corresponding period in the prior
year. It also reflects a 4.4% increase on the first half of FY 2020 (30 June
to 28 December 2019) which was a period unaffected by the pandemic.

 

This growth in sales has been driven by a stable performance in UK retail
(+1.5%), a continuation of the robust recovery in foodservice (+25.9%) and a
32.3% increase in the Group's Overseas division.

 

Throughout H1 the Group has faced persistent pressure from input cost
inflation, staff shortages and other supply chain disruptions. It has been
able to successfully mitigate the impact of these pressures to date through
commercial negotiations, operational improvements and other supply chain
initiatives. It will continue in the same vein given further inflationary cost
pressures are expected in H2. In addition, the impact of Omicron on
foodservice consumer demand and production disruption due to staff members
required to self-isolate remains unpredictable, but the Company has a
successful track record of navigating challenging market conditions, and will
continue to use its experience as it works through the second half.

 

 

Notice of results

 

The Group will announce its Interim Results, for the six months ended 25
December 2021, on Monday 21 February 2022.

 

Finsbury will host a webinar for analysts at 09:00am on Monday 21 February.
Analysts wishing to attend the webinar should contact Alma PR via
finsbury@almapr.co.uk (mailto:finsbury@almapr.co.uk) .

 

The Company will also host a presentation for retail investors on the Investor
Meet Company platform at 4:00pm GMT on Tuesday 22 February. Shareholders who
already follow Finsbury Food Group on the platform will automatically be
invited, others are invited to register in advance via the following link:
https://www.investormeetcompany.com/finsbury-food-group-plc/register-investor
(https://www.investormeetcompany.com/finsbury-food-group-plc/register-investor)
 

 

 

 

Contact:

 

 Finsbury Food Group                                                                    www.finsburyfoods.co.uk (http://www.finsburyfoods.co.uk)                        029 20 357 500

 John Duffy (Chief Executive)

 Steve Boyd (Finance Director)

 Panmure Gordon (UK) Limited                                                                                                                                            020 7886 2500

 Oliver Cardigan (Corporate Finance)

 Atholl Tweedie

 Erik Anderson (Corporate Broking)

 Edward Walsh

 Alma                                                                                   finsbury@almapr.co.uk (mailto:finsbury@almapr.co.uk)                            020 3405 0205
 PR

 Sam Modlin

 David Ison

 Molly Gretton

 

 

 

 

finsbury@almapr.co.uk (mailto: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 26
June 2021 exceeding £313m.

 

·      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.

·      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 £1bn (source: IRI 52 w/e 4th December 2021). The
retail bread and morning goods market has a value of £5.2 billion (source:
Kantar Worldpanel 52 w/e 26th December 2021). The retail Free From cake market
is valued at £54 million (source: Kantar Worldpanel 52 w/e 26th December
2021). The retail Free From bread & morning goods market is valued at
£153 million (source: Kantar Worldpanel 52 w/e 26th December 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 and third party products, primarily to Europe, and
the Company's manufacturing facilities in Rybarzowice and Zywiec in Poland.

 

 

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