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Finsbury Food operating profit falls owing to margin pressure

By BFN News | 08:16 AM | Monday 16 September, 2019


Bakery group Finsbury Food posted a large rise in annual profit, though its underlying earnings fell due to thinning margins. Pre-tax profit including exceptional items for the year through 29 June rose to £13.6m, up from £4.5m on-year. Revenue rose 3.8% to £315.3m, and was up 4.0% on a like-for-like basis. Adjusted operating profit fell 5.7% to £16.8m amid a contraction in margins that the company said was a consequence of a challenging global environment. Finsbury Food declared a full-year dividend of 3.5p per share, up 6.1% on-year. 'In what has been a continued challenging market environment, our sales growth and increased dividend demonstrates our ability to navigate more challenging times and our continued confidence in the prospects of the group,' chief executive John Duffy said. 'Our achievements have been underpinned by our relentless focus on investment, efficiency and innovation, alongside our ability to harness the growth available from premium, healthy and authentic on-trend innovation.' 'We are confident that the group is on a strong footing and able to drive further growth in the period ahead, as we continue to build a strong, lean, scale competitor and consolidator.' At 8:16am: (LON:FIF) Finsbury Food Group PLC share price was +5p at 70.5p Story provided by StockMarketWire.com

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