15th Jan 2016 07:55
LONDON (Alliance News) - Bakery products manufacturer Finsbury Food Group PLC on Friday said it saw a strong trading performance over Christmas, though it said this was hard won and required significant spending by the group.
Finsbury said total sales revenue for the first half to December 26 was up 46% year-on-year, boosted by the acquisitions of Fletchers and Johnstone's. Like-for-like growth hit 7.4% in the half, with 6.1% growth in its UK bakery unit and 19% growth in its overseas arm.
Finsbury said, however, that consumer markets in the UK remain challenging and said the sales growth was driven by heavy promotional activity and other spending it had to make to boost its performance.
"Performance in the period has been strong, for both the group as a whole and also, importantly, on a like for like basis," said Chief Executive John Duffy.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
FIF.L