29th Nov 2006 12:00
Finsbury Food Group PLC29 November 2006 Date: 29 November 2006On behalf of: Finsbury Food Group plc ("the Group")Embargoed until: 1200hrs Finsbury Food Group plc Chairman's AGM Statement Since our preliminary results announcement in September, when we were in aperiod of intense new product launch activity, strong progress has been made.After the first 20 weeks of the financial year, year-on-year sales in MemoryLane Cakes Ltd ("Memory Lane") are up 3.3% and in Nicholas & Harris Ltd up 15%.All of the Memory Lane growth has come in the last 10 weeks, after a quietsummer. The Group has set out its stall to be "The Best at What We Do", with particularfocus in taking a dominant position in premium cakes, whilst also making ameaningful contribution to the diet of those consumers who wish to eat in ahealth conscious way. Our recent product launches moved us closer to this aimand the activity planned over the next six months will further strengthen ourposition. In particular, the revamped retailer branded premium cake ranges - Tesco Finest*and Sainsbury "Taste The Difference" - launched in September have performed verystrongly and second phase product development is already under way to keep theseranges as attractive as possible to consumers. Additionally, developmentactivity has commenced with three other retailers and another is due to bringits new range to market imminently - again, we have been at the forefront ofthis work. Good progress has continued to be made in implementing the recovery programme atUnited Central Bakeries Ltd ("UCB") following the fire on 31st October 2006.The team at UCB has responded quickly and efficiently to the situation and Icongratulate them on their efforts to date. As previously reported the loss isfully insured. Initial cash payments have been received to cover the lostprofit, and to allow orders for replacement equipment to be placed. With the continued growth of premium retailer brands in cakes and breads, and astrong Nestle launch programme for January 2007, the prospects for the groupremain encouraging. Our subsidiary management teams have successfully executedthe Group's strategic aims and put us in the position where we can look forwardto the rest of the year with confidence. For further information: Finsbury Food Group Plc www.finsburyfoods.co.ukDave Brooks (Chief Executive) 07831 787 382Lisa Morgan (Finance Director) 07771 712 720 Redleaf CommunicationsEmma Kane/Sanna Lehtinen/Susan Quigley 020 7822 0200 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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