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

Finsbury FoodAnnouncement

19/01/2023 07:00

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RNS Number : 1630N  Finsbury Food Group PLC  19 January 2023

 Date:          19 January 2023
 On behalf of:  Finsbury Food Group Plc ("Finsbury", "the Group" or "the Company")

 

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
31 December 2022.

 

Finsbury delivered an encouraging H1 performance despite the ongoing
macro-economic and cost inflation challenges. Total sales for the period grew
by 14.7% to £190.9m, driven by price recovery initiatives on consistent
period volumes.

 

The Group saw a stable performance in UK retail (+10.9%), an ongoing recovery
in foodservice (+22.0%) and continued strong performance in the Group's
overseas division (+23.4%).

 

As referenced in the Group's November 2022 AGM Statement, food sector
headwinds in the current financial year have exceeded those experienced during
FY22. To have delivered a robust H1 performance in that context provides
further validation of the Group's range of quality products, the viability of
our operational strategy and the long-term prospects of our selected markets.

 

While it is difficult to predict exactly how macro challenges will develop in
H2, the Group's approach to responding to them will remain unchanged, with a
consistent focus on commercial terms, operational improvements and other
supply chain and overhead initiatives.

 

The Board is encouraged by the continuation of our sales momentum and the
progress made against the Group's three strategic pillars of Excellence,
Growth and Responsibility in H1. While a level of uncertainty is likely to
persist through H2, the Board believes that steady ongoing demand and the
Group's market position, diverse product range (including the fully
commissioned new buns and rolls capacity) and track record of successfully
navigating challenges as they arise stand the Company in good stead for the
rest of the year.

 

The Group remains on track to meet market expectations for FY23.

 

Notice of results

 

The Group will announce its Interim Results for the six months ended 31
December 2022 on Tuesday 21 February 2023.

 

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

 

The Group will also host a presentation for retail investors on the Investor
Meet Company platform at 16:30 on Wednesday 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

 Rupert Dearden (Corporate Broking)

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

 Sam Modlin

 David Ison

 Matthew Young

 

Notes to Editors:

·      Finsbury Food Group Plc (AIM: FIF) is a leading UK and European
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, together with its overseas division, has sales in the financial year
ending 2 July 2022 of £357 million.

·      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; and

·      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 £1.06 billion (source: IRI 52 w/e 31 Dec 2022).
The retail bread and morning goods market has a value of £5.7 billion
(source: Kantar Worldpanel 52 w/e 25 Dec 2022). The retail Free From cake
market is valued at £60 million (source: Kantar Worldpanel 52 w/e 25 Dec
2022). The retail Free From bread and morning goods market is valued at £173
million (source: Kantar Worldpanel 52 w/e 25 Dec 2022).

·      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 85% owned company,
Lightbody-Stretz Limited, 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 Żywiec in Poland.

 

 

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