19th Jan 2023 14:21
(Alliance News) - Finsbury Food Group PLC on Thursday celebrated an encouraging performance over its first half, despite facing cost inflation challenges.
Finsbury Food is a Cardiff, Wales-based speciality bakery manufacturer of cake, bread and morning goods for both retail and foodservice channels.
For the six months ended December 31, total sales rose by 15% to GBP190.9 million, which the company attributed to price recovery initiatives on consistent period volumes.
Sales in UK retail were up 11%, while the foodservice and overseas division saw an even bigger lift, at 22% and 23% respectively.
Finsbury Food emphasised that, as expected, food sector headwinds this year have exceeded those experienced the year before.
However, it stressed that although macroeconomic challenges are likely to continue, the company's approach to them remains "unchanged". Finsbury Food will continue to focus on commercial terms, operational improvements, and other supply chain and overhead initiatives.
It said it expects to meet market expectations for the financial year, without providing details. In financial 2022, Finsbury Food reported pretax profit of GBP14.3 million on revenue of GBP356.8 million.
Finsbury Food shares were trading 04% lower at 90.11 pence each in London on Thursday afternoon.
The company will announce its interim results on February 21.
By Holly Beveridge; Alliance News reporter
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