Leading UK speciality bakery manufacturer Finsbury Food Group has reported a rise in sales revenue of 24.8% to £319.7m for the full financial year ended 2 July.
Within that, sales in the company’s UK bakery division increased 3% on a like-for-like basis, with sales to the foodservice channel accounting for 21% of total UK bakery sales and rising 5.3% on a like-for-like basis.
The integration of its Fletchers Bakeries and Johnstone’s Just Desserts subsidiaries, acquired in October 2014 and June 2015 respectively, also resulted in growth of 5% to £12.8m.
The company said strong trading had continued into the second half of the year after a positive first-half performance.
Finsbury Food Group chief executive John Duffy said: “Delivering significant growth across all divisions on a like-for-like basis is a true achievement and we are very pleased to see our sales revenues ahead of the markets we operate in.
He added: “This growth is underpinned by capital investment and our continued focus on innovation, maintaining our position as one of the UK’s largest speciality bakery groups. More than ever we are well placed to continue our solid performance and drive growth.”
The company added that while it was still too early to fully understand the impact of the UK’s exit from the EU, the board believed that as a large diversified speciality bakery group, it was well equipped to manage the potential effects of this outcome and continue to deliver growth and improved shareholder value over the coming years.
In April, the Finsbury Food Group made changes to its board, after appointing non-executive director Zoe Morgan and Edward Beale stepping down from his position as the non-executive director position.