REG - Finsbury Food Group - AGM Statement

Finsbury FoodAnnouncement

18/11/2021 07:00

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RNS Number : 7490S  Finsbury Food Group PLC  18 November 2021

 Date:          18 November 2021
 On behalf of:  Finsbury Food Group Plc ("Finsbury" or "the Company")
 For immediate release

 

Finsbury Food Group Plc

AGM Statement

 

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, will be holding its Annual General Meeting today at
9.00am. At the meeting, Peter Baker, Non-Executive Chairman of the Company,
will make the following statement:

 

"As reported in the Group's full year results in September, we delivered a
robust financial performance with year-on-year revenue growth and a total
sales figure almost at pre-pandemic levels, despite having to navigate such
challenging circumstances over the period.

 

The resilient performance of the previous financial year has continued into
the current financial year. Sales for the first four months of FY22 grew by
8.3% to £106.2m, driven by a stable performance in UK retail, continued
robust recovery of foodservice and a very strong overseas performance.

 

Like many others in the manufacturing, distribution and retail sectors, we
continue to manage challenges around inflation, skilled labour, driver
shortages and other supply chain disruptions. We have responded quickly to
mitigate much of the impact of these challenges through commercial negotiation
and other initiatives. Whilst there is uncertainty around how long they will
persist, Finsbury has a track record of successfully navigating challenging
market conditions, as proven throughout the Covid-19 pandemic.

 

Through disciplined implementation of its business' Operating Principles,
Finsbury continues to make excellent progress in becoming a more efficient
group with increasing synergies and scale benefits. We will continue to manage
industry headwinds while driving the business forward and look forward to
updating the market again in January."

 

The AGM will be broadcast live. In order to gain access to the webcast,
shareholders will be required to pre-register via the following
link www.bit.ly/FIFAGM2021 (http://www.bit.ly/FIFAGM2021) .

 

 

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

 Hilary Buchanan

 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 over £992 million (source: IRI 52 w/e 11(th) September
2021). The retail bread and morning goods market has a value of £5.1 billion
(source: Kantar Worldpanel 52 w/e 5(th) September 2021). The retail Free From
cake market is valued at £52 million (source: Kantar Worldpanel 52 w/e 8(th)
August 2021). The retail Free From bread & morning goods market is valued
at £146 million (source: Kantar Worldpanel 52 w/e 5(th) September 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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