Source - SMW
Finsbury Food Group's revenues rose to £319.7 million in the financial year to 2 July - up 24.8%, 52 week revenue £313.5 million up 22.4% (2015: £256.2 million) and up £12.8 million, 5% on a like-for-like basis.

Gross profit rose by 30% to £102.6 million up 30% and adjusted operating profit of £17.1 million was up 37.7% on the prior year, for the 52 week period, operating profit of £16.7 million was up 34.7%, (2015: £12.4 million) and up 15.7% on a like-for-like basis.

Group adjusted operating profit margin rose to 5.3% (2015: 4.8%).

Adjusted profit before tax was £16 million - up 40.8%.

Other highlights:

- Record capital investment of £12.1m to ensure long term competitiveness (171% of depreciation).

- Strong growth in adjusted diluted EPS*2, up 19% to 9.5p per share (2015: 8p per share).

- Final dividend per share of 1.87p taking total dividend for the year to 2.8p up 12% (2015: 2.5p per share).

- Net debt of £19.7 million equates to 0.8 times EBITDA of the Group. Net debt well within the long term banking facility of £51 million available to support current and future growth plans.

Chief executive John Duffy said: "If 2015 was all about transformation for the Group, then 2016 has been about delivering on our growth strategy and moving even closer to our vision of building the leading speciality bakery group in the UK focused on quality products.

"There has been significant top and bottom line growth, as a result of considerable efforts across the whole Company.

"The integration of Fletchers and Johnstones has been one of our priorities, and we continue to invest across all aspects of the business, diversifying into new channels and widening our customer base, to deliver a stronger platform for future growth and ensure our long term competitiveness.

"Looking ahead our strongly performing businesses and a robust balance sheet positions us well to both take advantage of growth opportunities and mitigate challenges ahead.

"The Group remains as dedicated and focused as ever, and I remain confident that the patient, unwavering strategy adopted will reap benefits for the business in the years ahead."


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Finsbury Food Group (FIF)

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