Finsbury profit up 76% after ‘transformational’ year
The speciality baker announced that group revenue had risen 45.8% to £256.2M and increased 6.1% on a like-for-like basis in preliminary results for the financial year to June 27.
Finsbury chief executive John Duffy welcomed the strong results and highlighted the bakery manufacturer’s ambition to deliver further growth and identify more acquisition opportunities.
“The past year has truly been transformational. Building on our organic growth, the acquisitions in the period have diversified the group into new channels and widened our customer base,” Duffy said.
‘Ensure long term competitiveness’
“In concurrence, we have invested significantly in the business to ensure long term competitiveness.”
Finsbury said the acquisition of Fletchers Group of Bakeries in October 2014 had delivered benefits of scale and provided the company with diversification in terms of products, channels and customers.
Verdict from Finsbury
“The past year has truly been transformational.”
- John Duffy, chief executive at Finsbury Food Group
In June 2015, Finsbury also acquired foodservice supplier Johnstone’s Just Desserts out of administration, giving the company fresh sales outlets and distribution channels.
‘Turnover of close to £300M’
Duffy said: “With annualised turnover of close to £300M, Finsbury is a diverse bakery group with an ambition to increase shareholder value, identify acquisition opportunities and deliver further growth.
“Even in the value conscious consumer markets we are operating in, our solid strategy and unwavering vision allows us to look forward to the year ahead with confidence.”
Finsbury employs 3,200 employees across the group and its UK bakery sector has eight factories. It plans to invest £11M over the next year.
Finsbury’s results at a glance
- Revenue up 45.8% to £256.2M
- Revenue up 6.1% on a like-for-like basis
- Profit before tax up 76% to £11.4M
- Annualised turnover of close to £300M
- Operating profit margin of 4.8%