14th Jan 2021 16:54
Finsbury Food Group PLC - Cardiff-based cake maker and bread baker - Sales in half year ended December 26 total GBP152.9 million, down 4.1% from year before. Says trading performance was resilient amid the Covid-19 pandemic, with sales in March to June, the final quarter of its last financial year, having been down 19% annually. UK foodservice business fares the worst in the recent half year, with sales down 27%, but Finsbury's retail channel sales were up 1.7% in its core UK Bakery division, while Overseas sales were up 0.6%. Net bank debt reduced by GBP5.0 million during the six-month period to GBP21.5 million.
"Notwithstanding the challenges that remain as a result of the pandemic, given the group's resilient performance in the first half, the ongoing operational improvement initiatives, and especially the avoidance of a no deal Brexit outcome, the board remains confident in delivering a full year performance in line with expectations," Finsbury says.
Will announce full interim results on February 22.
Current stock price: 79.00 pence
Year-to-date change: down 0.6%
By Tom Waite; [email protected]
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