18th Jul 2016 07:10
LONDON (Alliance News) - Finsbury Food Group PLC on Monday said it is confident it will deliver profit in line with market expectations after strong trading in the first half of its financial year continued in the second half.
The bakery products manufacturer said total sales in the year ended July 2 rose by a quarter to GBP319.7 million from GBP313.5 million the year before, following the successful integration of fellow bakery products maker Fletchers and bite-size cake maker Johnstone's, both of which it bought in the prior financial year.
Like-for-like sales grew by 5% year-on-year, with the UK bakery division experiencing 3% like-for-like growth while the overseas division achieved growth of more than a quarter.
"Whilst it is too early to fully understand the impact of the exit of Britain from the EU, the board believes that as a strong multi-channel business and a large diversified speciality bakery group, it is well equipped to manage the potential effects of this outcome and continue to deliver growth and improved shareholder value over the coming years," Finsbury said in a statement.
"More than ever we are well placed to continue our solid performance and drive growth," Chief Executive John Duffy added.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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