Finsbury’s share price hits highest level in a year

Finsbury Food Group’s share price closed yesterday (23 March) almost 6% higher than on opening that day at 73.6p, up 5.9%.

It is a leap from just a year ago when the group’s share price was 21.1p lower at 53.5p (21 March 2014) according to Yahoo! Finance data.

The group’s share price ranged between 71 and 76p during the day – its highest price in a 52-week range with 53p being its lowest.

Yesterday saw the release of its unaudited interim results for the six months to 27 December 2014, which included two months of trading following the 30 October 2014 £56m acquisition of Fletchers Group of Bakeries.

Its results revealed a 24.1% jump in revenue to £107.6m in the period stated, while group revenue was up 5.6% on a like-for-like basis, with operating profit of £4.5m, up 74% and up 5.6% on a like-for-like basis.

The company is now one of the largest speciality bakery groups in the UK with annualised revenues of around £270m. October’s acquisition gives Finsbury a broader spread of customers across food retail and foodservice channels in cake, bread and morning goods.

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