Cake consumers head for premium end of the market
results indicating that consumers are unwilling to give up
indulgences despite growing awareness of the need for a healthier
Turnover at the company increased 32 per cent to £43.3 million (€63.9m) in the six months leading up to 31 December last year. Operating profit rose 48 per cent to £1.75 million (€2.6m) while sales in both the bread and cakes division grew. Finsbury said in a statement: "Whilst UK consumers eat in a health-conscious manner for most of the week, there is growing evidence that they are keen to indulge themselves from time to time. "When they are in 'treat mode', the most important factor is that the product which they are treating themselves to tastes really good and is of the highest quality - this is where we as a Group are finding our growth opportunities." The company owns subsidiaries Memory Lane Cakes, California Cakes and Campbell's Cakes which supply major retailers such as Sainsbury and Tesco with own-label ranges. Finsbury is also looking to strengthen its position in the premium bread product market through its bakery business Nicholas and Harris. The group is focusing particularly on morning bakery items, its organic ranges and luxury breads. It has been a busy year for the company who suffered a setback in October when a fire broke out at its Scottish bakery site. The United Central Bakeries plant, which produced the group's gluten-free ranges, became operational again in December and is expected to be fully up to speed by the end of the financial year. In February this year, Finsbury acquired the Lightbody Group in a £37.5 million (€55.4m) deal allowing the company to expand into the celebration cake sector - in which Lightbody has around a 40 per cent share.