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Finsbury Food says "record" 2022 continues into 2023 despite headwinds

17th Nov 2022 15:39

(Alliance News) - Finsbury Food Group PLC on Thursday said its "record" performance from the 2022 financial year has continued into the new year.

The Cardiff-based speciality bakery manufacturer said sales in the first four months of the new financial year after July 2 grew 16% year-on-year to GBP122.8 million, driven by both 1.1% volume growth and a price recovery of 15%.

However, it cautioned that it expects macroeconomic uncertainties to continue.

"To have delivered a record revenue performance that was in line with market expectations despite the numerous and complex challenges that we were faced with demonstrated the resilience and agility of the group," said Non-Executive Chair Peter Barker, referring to its full-year results published in September.

"These challenges started with the effects of the Covid-19 crisis followed by the significant cost inflation of all inputs whether it be materials, utilities, labour and, indeed, overheads in general," Barker continued.

Barker added the macroeconomic and cost inflation headwinds experienced in the current financial year so far have exceeded those experienced during 2022.

He also observed a shift in customer behaviour, spending less in expensive retail channels and instead seeking greater value for money. He predicted this would accelerate food retailer's "own-label" sales.

Shares in Finsbury Food fell by 0.4% to 90.62 pence in London on Thursday afternoon.

By Greg Rosenvinge; [email protected]

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