Finsbury Food Group has said it is confident there will be increased growth and sales, thanks to the buy-out of Fletchers’ cake business earlier this year.
In a statement released prior to the Finsbury’s AGM meeting today, Peter Baker, chairman, said that, in the first four months of the financial year, revenues for the group had grown 3.9% on the previous year to £57.3m.
For the period, the UK bakery division group grew by 5% and Baker anticipated a “challenging” operating environment.
Baker continued: “Shareholders will be aware that the acquisition of Fletchers by the company was completed on 30 October 2014. The directors are confident that the anticipated sales growth and scale efficiency benefits anticipated at the time of the acquisition will be realised in the coming months and years.
“Overall, the directors are pleased to report positive trading performance for the company as a whole and in line with the board’s expectations.”
Following the acquisition of the Fletchers Group of Bakeries, the company is one of the largest speciality bakery groups in the UK with initial annualised sales of over £270m.
It is also now the second-largest manufacturer of ambient packaged cake (excluding in store bakery) in the UK, a market valued at £924m (source Symphony IRI w/e 21 June 2014).
The company has a UK bakery division and an overseas division. The UK bakery division has manufacturing sites in Cardiff, Hamilton, Salisbury, Sheffield, London and Manchester.