10th Jan 2008 07:00
Finsbury Food Group PLC10 January 2008 Date: 10th January 2008On behalf of: Finsbury Food Group plc ("Finsbury" or the "Group")Embargoed until: 0700hrs Finsbury Food Group plc Pre-Close Statement Finsbury Food Group plc (AIM: FIF), a leading manufacturer of premium andcelebration cakes, low fat cake slices and speciality, organic and gluten freebreads, is today providing an update on current trading prior to entering itsclosed period. In the first six months of the year, sales growth remained strong in all of thebusinesses. In line with expectations, sales were up year on year by 16% inMemory Lane Cakes Ltd, 18% across the combined businesses of California CakesLtd and Campbells Cakes Ltd and 14% in the Nicholas and Harris Ltd breadbusiness. The Lightbody Group Ltd, acquired in February 2007, experiencedgrowth of 12%. The United Central Bakeries Ltd insurance claim, which resulted from the fire inOctober 2007, has been settled in full. The transfer of the Anthony Alan FoodsLtd administrative function to Memory Lane Cakes Ltd in Cardiff was alsosuccessfully completed in November 2007 and the integration of that businessinto the Group is now complete. The first half of the current financial year has seen challenging marketconditions, with unprecedented levels of cost increases in respect of commodityitems such as flour, egg, and dairy products. As previously stated, the Grouphas been having a constructive dialogue with all of its customers with a view topassing on these costs. Whilst the final details are still being resolved, theGroup is confident that the greater part of these cost increases will berecovered by the end of January 2008. With input costs stabilising and selling price increases being achieved, theDirectors remain comfortable that the Group will meet market expectations forthe full year. - ends - 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/Anna Dunkin 020 7822 0200 • Publication quality photographs are available via Redleaf Communications on the numbers shown above Notes to Editors: • Finsbury Food Group is the number 2 player in the UK cake industry, a market valued at £1.46bn (TNS, July 2007) • The Group is the market leader in the premium bakery sector • Its strategy is to build a significant food group in it's core areas, both organically and by acquisition • Finsbury's aim is to be "The Best at What We Do" This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
FIF.L