Finsbury Food Group, a leading manufacturer of cake, bread and morning goods, today announced it had seen a near 16% rise in its pre-tax profit to £2.2m for the six months ended 31 December 2011.
The rise in profits arrived as group revenue increased by £14m or 16% to £102m, after the company broke the £100m sales record for the first time.
Commenting on the results, John Duffy, chief executive of Finsbury, said: “We are pleased to be reporting further growth across each of the Finsbury businesses. This is particularly noteworthy considering the pressure we are seeing from high commodity and input price inflation. With this in mind, we are focused on driving both efficiency and productivity to mitigate against the negative margin impact of these pressures, and believe that the measures we are taking will continue to bear fruit.
“Our priority is to further invest in the business to ensure that the growth momentum continues and look forward to both driving further shareholder value and reaching our next sales milestone.”
Finsbury said it had seen increases in performance across both bread and cakes. Sales in the cake division were up by 19% to £76.4m and revenue in the bread and free-from division grew by 8% to £25.6m