Finsbury posts impressive growth despite challenges
Finsbury Food Group has experienced strong growth across its businesses "broadly in line with expectations and despite challenging market conditions", chief executive Dave Brooks said following the company's latest update on trading.
He told British Baker that sales of premium and "health-related" products had been particularly encouraging.
In the first six months of the year sales were up year-on-year by 16% in Memory Lane Cakes, 18% across the combined businesses of California Cakes and Campbells Cakes, and 14% at the Nicholas and Harris bread business.
Sales growth at Lightbody Group, which was acquired by Finsbury last February, stood at 12% and Brooks said the process of "bringing two big businesses together" was progressing well.
With the sector facing unprecedented levels of cost increases, Brooks said retailers had been "understanding and supportive" and that talks aimed at passing on these costs were ongoing.
A set of price rises were agreed in September but additional increases were now needed.
He added that the integration of low-fat cakes business, Anthony Allan, which was acquired in October, was now complete.
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