Finsbury Foods has announced a steady growth in group revenue in its latest trading update. However, it said like-for-like growth in its Cake division continued to be “flat”.
The manufacturer of cake, bread and morning goods has seen an 8% rise in group revenue for the financial year to 30 June 2009, which it said was down, in part, to the acquisitions it had made over the course of the previous financial year.
Finsbury said the ‘full year’ effect of its acquisitions in the previous financial year accounted for 5% of the growth, with around 1% coming from it being a 53-week trading period, rather than 52.
Its Bread & Free From division has seen like-for-like growth of 14%, and sales in its largest division, Cake, rose 2% “in absolute terms” versus last year.
The firm put its low growth in Cake down to “the rebalancing of customer ranges” to offer more value options and increased promotional support for its brands.
Chief executive Martin Lightbody said he was pleased to be able to report growth in a recessionary environment and during what he said could only be described as a “difficult trading period” for the group.
“We remain committed to investing in our people, our facilities and our customers. As a group we continue to focus on innovation and product quality to maintain our position as the UK’s leading supplier of premium cakes,” he added.
Finsbury’s subsidiary Nicholas & Harris recently acquired speciality bread business Goswell Enterprises, which manufacturers the Vogel and Cranks brands.