16th Jan 2019 10:02
LONDON (Alliance News) - Finsbury Food Group PLC on Wednesday said that its interim revenue declined on the prior year due to bakery closures.
Shares in the cake and bread manufacturer were trading down 12.0% at 82.0 pence each.
For the six months ended December 31, the company expects to record 3.5% fall in total group revenue to GB152.3 million from GBP157.8 million in the year ago period, which benefited from trading of bakeries that are now closed. On a like-for-like basis, first half revenue is expected to rise 0.5% to GBP145.5 million.
Finsbury closed its loss-making Grain D'Or bakery in London, which made bread and pastries for supermarkets and employed 250 people, in October 2017.
The company's core division, UK Bakery, saw like-for-like sales up 1.7%, "despite a difficult macro environment". Overseas sales, however, dropped by 8% on the prior year.
"The group is now a diverse multi-channel speciality bakery group and despite the market conditions, is well placed to continue to drive efficiency, deliver innovation and maintain its leading position in the market," Finsbury Foods added.
The company will publish its interim results on February 25.
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