Finsbury Food Group PLC AGM Statement (9619T)

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RNS Number : 9619T

Finsbury Food Group PLC

20 November 2019

 
 Date:       20 November 2019 
 On behalf   Finsbury Food Group Plc ('Finsbury', 'the 
  of:         Company' or 'the Group') 
 For immediate release 
 

Finsbury Food Group Plc

AGM Statement

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 9.30am. 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 significantly outperformed the market in the second half, growing sales and also increasing the final dividend. Notwithstanding the continued external pressures of consumer malaise, cost inflation and macro uncertainty, our unrelenting focus on innovation, efficiency and investment continues to deliver significant progress.

"The momentum from the second half of the previous financial year has been maintained, and we continue to achieve strong growth across the core business. Sales for the first four months of the new financial year grew by 6.4% to GBP101.5m, as a result of a strong retail and foodservice performance in the UK, as well as new business wins and continued innovation across the Group.

"Whilst the wider macroeconomic and political environment remains challenging in the UK, the Group is in its strongest position in recent years, and the Board is confident in achieving market expectations in FY20."

For further information:

 
 Finsbury Food Group 
  John Duffy (Chief Executive) 
  Steve Boyd (Finance Director)    www.finsburyfoods.co.uk    029 20 357 500 
 Cenkos Securities 
  Max Hartley/Harry Hargreaves 
  (Corporate Finance) 
 Alma PR 
  Rebecca Sanders-Hewett 
  Sam Modlin 
  Hilary Buchanan                  [e-mail]      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 29 June 2019 exceeding GBP315m.

   --      The Company's bakery product range is comprehensive and includes: 

o Large premium and celebration cakes.

o Small snacking cake formats such as cake slices and bites.

o 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.

o 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 GBP969 million (source: IRI, 52 w/e 20(th) July 2019). The retail bread and morning goods market has a value of GBP4.5 billion (source: Kantar Worldpanel 52 w/e 14(th) July 2019). The retail Free From Cake market is valued at GBP49.5 million (source: Kantar Worldpanel 52 w/e 24(th) March 2019). The retail Free From bread & morning goods market is valued at GBP125.3 million (source: Kantar Worldpanel 52 w/e 21(st) April 2019). The UK Out of Home sector Foodservice Bakery sector is worth approximately GBP747 million per annum (source: derived from MCA data for 52 weeks to 31(st) March 2019). The UK foodservice cake and sweet morning goods bakery sector is worth approximately GBP918 million per annum (UK foodservice data derived from MCA data for 52 weeks to 31(st) March 2019).

   --     The Company comprises a core UK Bakery division and an Overseas division: 

o The UK Bakery division has manufacturing sites in Cardiff, East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and Pontypool.

o 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 facility in ywiec in Poland.

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November 20, 2019 02:00 ET (07:00 GMT)