At the Finsbury Food Group's AGM today it was revealed that total Group sales revenues continued to grow strongly to £68.3m. This represents organic growth of just over £10m, an increase of 17% over last year.
Date:
Thu, 24 Nov 2011
Source:
Finsbury Food Group plc
The UK Cake, Bread and Free From businesses all grew strongly delivering just over half the total Group growth whilst Lightbody Europe (LBE), the Group's 50% owned joint venture export business, provided the balance. Year on year growth rates are expected to moderate, once we reach the anniversary of last year's new product launches and increased promotional activity levels.
The operating environment remains particularly challenging. Shopper behaviour continues to be affected by the economic uncertainty, and we have experienced ingredient and input cost inflation year on year. Higher sales, resulting from volume growth and price increases, assisted by further internal efficiency initiatives, have partially offset this cost inflation, although operating margins are lower year on year.
John Duffy, Chief Executive commented:
"The Group has continued to grow and improve despite this most difficult of trading environments, which is encouraging. We continue to innovate and adapt our quality product ranges so that they remain affordable for shoppers and consequently, their popularity has proved enduring. Whilst a difficult balancing act, the management and staff continue to improve and optimise the Group's resilient performance despite these headwinds."
Finsbury, who own a number of Scottish businesses including California Cakes, United Central Bakeries and Campbells Cakes, is the market leader in the supply of gluten free baked goods to the UK's multiple grocers.
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