Finsbury Foods (FF) has seen sales increase by 53.9% to £169m during the year to 30 June 2008.
FF’s preliminary results for the year show the company has achieved strong growth in each of its subsidiaries, with like- for-like sales up 13%. Adjusted pre-tax profit stood at £7.7m compared to £4.6m last year.
Dave Brooks, who stepped down as chief executive on 29 September, said it had been "a year of achievement" for FF, despite inflationary pressures, with highlights including the acquisition of Yorkshire Farm Bakeries and A&P Foods to form Livwell Ltd, and the transfer of the California Cakes operation to the Hamilton site of the Lightbody Group in July 2007. It was also a year that saw United Central Bakeries return to full operation, following a fire in October 2006.
"The future looks challenging, with many macro-economic conditions, such as world commodity prices, exchange rate movements (particularly the euro), and the economic downturn, generally affecting business," said Brooks. "Challenging periods also provide opportunities for businesses, particularly those nimble enough to react to changes in consumer trends."
Brooks said that, from the beginning of July this year, the company was split into three distinct divisions - cake, bread and free-from - each having its own management team.
Newly-appointed chief executive Martin Lightbody agreed with Brooks that, "Challenges such as the current economic climate bring opportunities."
Chairman David Marshall added that the first 10 weeks of the current financial year have seen the upward sales trend continuing.
=== In Short ===
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