Shares in Finsbury Food Group, the large bakery manufacturer and supplier, rose 25% yesterday after the company announced pre-tax profits had grown by 76% to £11.4m last year.

They closed the day at 99.25p, up 0.25p – but earlier during trading had hit a high of around 109p.

Stocks in the group have skyrocketed by nearly 70% in the last 200 days, but some City analysts think they may grow even further.

On Monday, when Finsbury announced its preliminary results for the year to 27 June 2015 – which saw revenue grow by 45.8% to £256.2m – City analyst Panmure Gordon said the group could reach 120p per share.

Commenting yesterday, John Duffy, chief executive of Finsbury Food Group, said: “The past year has truly been transformational. Building on our organic growth, the acquisitions in the period have diversified the group into new channels and widened our customer base.”