New products boost Finsbury Food’s revenue
Shares in Finsbury Food Group rose more than eight per cent this morning as the food manufacturer announced revenue growth driven by the launch of new product ranges.
The figures
The Aim-listed firm said revenue increased 3.8 per cent to £315.3m in the financial year ended 29 June.
Adjusted earnings before interest, tax, depreciation and amortization (Ebitda) was flat at £25.5m.
Profit before tax soared 203 per cent to £13.4m due to a drop in non-recurring costs. Adjusted profit before tax was £15.9m, down 7.5 per cent on last year.
The baker announced a total dividend of 3.5p, an increase of 6.1p per cent.
Why it’s interesting
During the year the company acquired gluten free bread firm Utrapharm and launched its own Vegan brioche-style burger buns as it moved to cater for more diverse eating habits.
The company also released a new line of Mary Berry cakes and a range of on-the-go snacks, prompting the firm to invest in automated individually wrapped cake bar technology.
What Finsbury Food said
Chief executive John Duffy said: “In what has been a continued challenging market, our sales growth and increased dividend demonstrates our ability to navigate more challenging times and our continued confidence in the prospects of the group.
“Our achievements have been underpinned by our relentless focus on investment, efficiency and innovation, alongside our ability to harness the growth available from premium, healthy and authentic on-trend innovation.”
Main image credit: Getty