18 November 2021
On behalf of:
Finsbury Food Group Plc ("Finsbury" or "the Company")
For immediate release
Finsbury Food Group Plc
Finsbury Food Group Plc (AIM: FIF), a leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, will be holding its Annual General Meeting today at 9.00am. At the meeting, Peter Baker, Non-Executive Chairman of the Company, will make the following statement:
"As reported in the Group's full year results in September, we delivered a robust financial performance with year-on-year revenue growth and a total sales figure almost at pre-pandemic levels, despite having to navigate such challenging circumstances over the period.
The resilient performance of the previous financial year has continued into the current financial year. Sales for the first four months of FY22 grew by 8.3% to £106.2m, driven by a stable performance in UK retail, continued robust recovery of foodservice and a very strong overseas performance.
Like many others in the manufacturing, distribution and retail sectors, we continue to manage challenges around inflation, skilled labour, driver shortages and other supply chain disruptions. We have responded quickly to mitigate much of the impact of these challenges through commercial negotiation and other initiatives. Whilst there is uncertainty around how long they will persist, Finsbury has a track record of successfully navigating challenging market conditions, as proven throughout the Covid-19 pandemic.
Through disciplined implementation of its business' Operating Principles, Finsbury continues to make excellent progress in becoming a more efficient group with increasing synergies and scale benefits. We will continue to manage industry headwinds while driving the business forward and look forward to updating the market again in January."
The AGM will be broadcast live. In order to gain access to the webcast, shareholders will be required to pre-register via the following link www.bit.ly/FIFAGM2021.
Finsbury Food Group
John Duffy (Chief Executive)
Steve Boyd (Finance Director)
029 20 357 500
Panmure Gordon (UK) Limited
Oliver Cardigan (Corporate Finance)
Erik Anderson (Corporate Broking)
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020 7886 2500
020 3405 0205
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 Overseas division, has sales in the financial year ending 26 June 2021 exceeding £313m.
· 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.
· Gluten Free bread, morning goods and cake ranges.
· The Company is one of the largest ambient cake manufacturers in the UK, a market valued at over £992 million (source: IRI 52 w/e 11th September 2021). The retail bread and morning goods market has a value of £5.1 billion (source: Kantar Worldpanel 52 w/e 5th September 2021). The retail Free From cake market is valued at £52 million (source: Kantar Worldpanel 52 w/e 8th August 2021). The retail Free From bread & morning goods market is valued at £146 million (source: Kantar Worldpanel 52 w/e 5th September 2021).
· The Company comprises a core UK Bakery division and an Overseas division:
· The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.
· The Overseas division comprises 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, and the Company's manufacturing facilities in Rybarzowice and Zywiec in Poland.