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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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ACCESS TO YOUR INFORMATION AND CORRECTION

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You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

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CONTACT

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Finsbury Food Group (FIF)

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Monday 17 July, 2017

Finsbury Food Group

Pre-Close Trading Statement

RNS Number : 1839L
Finsbury Food Group PLC
17 July 2017
 

Date:

17 July 2017

On behalf of:

Finsbury Food Group plc ('Finsbury', 'the Company' or 'the Group')

Embargoed until:            0700hrs


Finsbury Food Group plc

Pre-Close Trading Statement

 

This announcement contains inside information

 

Finsbury Food Group plc (AIM: FIF), a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and 'out of home eating' foodservice channels, is today providing an update on trading for the full financial year, ended 1 July 2017, prior to entering its close period.

 

Total Company sales revenues grew to £314.3m, a like for like* increase of 0.3% on the prior year, and the Group is confident of delivering profits in line with market expectations. On a constant currency basis, revenues decreased 1.1% like for like on the prior year.

 

Against a backdrop of UK retail food market deflation in the period, the UK Bakery division declined by 1.4% on a like for like basis. The decline reduced from 2.9% during H1 2017 to an increase of 0.1% in H2 2017, with the second half benefitting from a growth in sales revenues. Additionally, trading in the UK Bakery division was stronger in the second half of the year against the full financial year ended 1 July 2016 as the Group entered a period of price inflation.

 

The Overseas division, the Group's 50% owned European business, grew by 17.3% (made up of 2.2% organic growth and 15.1% exchange rate benefit). This positive performance and exchange rate impact mitigates the effect of the Euro on the UK Bakery business, validating the strategic geographic diversification that the Group has implemented.  

 

Ongoing product innovation and improvements in efficiency and productivity, together with the benefits of the Group's capital investment programme, has played an important role in addressing the previously noted industry-wide challenges. As detailed in the Group's interim results, the scale of these challenges has necessitated price recovery and as such the Group has had productive discussions with its customers during the period. The Group continues to monitor and review the need for further action in light of unusual cost spikes, as is currently well documented to be the case with butter.

 

The Board has built a strong multi-channel business and a large diversified speciality bakery group and believes that despite the current pressures on the industry, it is well equipped to maintain its market leading position and continue to deliver growth and improved shareholder value over the period ahead.

 

*The financial year ended 2 July 2016 is a 53-week period, like for like performance excludes week 53.

 

John Duffy, Chief Executive of Finsbury Food Group plc, commented:

"The hard work undertaken in prior periods has ensured that we have maintained our course, with the benefits of having a diversified business across channels and geography coming to the fore. Considering the pressures the industry faces, we are very pleased to have grown revenue and are confident that the Group is well positioned to maintain its strong market position and continue to deliver shareholder returns."

 

For further information:




Finsbury Food Group plc                                  

www.finsburyfoods.co.uk

John Duffy (Chief Executive)

Stephen Boyd (Finance Director)                                     

029 20 357 500



Cenkos Securities plc


Bobbie Hilliam (Corporate Finance)

Alex Aylen (Sales)




Redleaf Communications

[email protected]

Rebecca Sanders-Hewett

Elisabeth Cowell

David Ison

Sam Modlin

020 7382 4730

 

 

 

Notes to Editors:

▪     Finsbury Food Group Plc (AIM: FIF) is a leading UK manufacturer of cake and bread bakery goods, supplying a broad range of blue chip customers within both the grocery retail and 'out of home eating' foodservice sectors including major multiples and leading foodservice providers.

▪     The Company is one of the largest speciality bakery groups in the UK and, with its Oversees division, has annualised sales in 2017 exceeding £300 million.

 

▪     The Company's bakery product range is comprehensive and includes:

 

-    Large premium and celebration cakes.

-    Small snacking cake formats such as cake slices and bites.

-    Artisan, healthy lifestyle and organic breads through to rolls, muffins (sweet and savoury) and morning pastries, all of which are available both fresh and frozen dependent on customer channel requirements.

 

▪     The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £936m (Source Symphony IRI, 52 w/e 24th June 2017). The annual retail bread and morning goods market has a value of £3.6 billion (source Kantar Worldpanel 52 weeks to 29 January 2017). The UK foodservice bread and morning goods bakery sector is worth approximately £800 million per annum. The UK foodservice cake and sweet treat bakery sector is worth approximately £465m per annum (UK foodservice data derived from NPD Crest 52 w/e 31st December 2016).

 

▪     The Company comprises a UK Bakery division and an Overseas division:

 

-    UK Bakery has manufacturing sites in Cardiff, East Kilbride, Hamilton, Twechar, Salisbury, Sheffield, London and Manchester.

-    The overseas sector comprise, the Company's 50% owned Company Lightbody Stretz Ltd, which supplies and distributes the Group's UK manufactured products and third party products, primarily to Europe.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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