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Finsbury Food H1 sales rise thanks to diversification strategy
AIM-listed cake manufacturer Finsbury Food said on Thursday that it performed in line with management expectations in the six months to 30 December thanks to its diversification strategy.
Total group sales, including the discontinued Grain D'Or business, were up 0.7% compared to the same period a year ago at £157.8m. Excluding Grain D'Or, sales were up 2.5% to £144.8m, with the UK bakery division growing 32% and the overseas segment - which it owns 50% of - falling by 2.1%.
"This demonstrates the positive impact of the group's strategic diversification. These businesses now represent the group's core operations on entering the second half of the group's financial year and notably, this growth was achieved even with a slightly reduced range of Christmas products.
"The board has built the group into a diverse multi-channel speciality bakery group. Following the exceptional growth and diversification over the prior years, the business is well placed to maintain its position, despite the market conditions. As such, the board believes it is well equipped to continue to deliver growth and improved shareholder value over the coming years."
At 1045 GMT, the shares were down 0.1% to 111.40p.