Finsbury Food Group PLC Pre-Close Trading Statement and Notice of Results (2675Y)

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RNS Number : 2675Y

Finsbury Food Group PLC

13 January 2022

 
 Date:                   13 January 2022 
 On behalf of:           Finsbury Food Group Plc ("Finsbury" or "the Company") 
 For immediate release 
 
 

Finsbury Food Group Plc

Pre-Close Trading Statement and Notice of Results

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, announces an update on trading for the six months ended 25 December 2021.

The Group delivered a robust H1 performance, notwithstanding the external challenges being faced by the Company, with total sales of GBP166.5m representing an 8.9% increase versus the corresponding period in the prior year. It also reflects a 4.4% increase on the first half of FY 2020 (30 June to 28 December 2019) which was a period unaffected by the pandemic.

This growth in sales has been driven by a stable performance in UK retail (+1.5%), a continuation of the robust recovery in foodservice (+25.9%) and a 32.3% increase in the Group's Overseas division.

Throughout H1 the Group has faced persistent pressure from input cost inflation, staff shortages and other supply chain disruptions. It has been able to successfully mitigate the impact of these pressures to date through commercial negotiations, operational improvements and other supply chain initiatives. It will continue in the same vein given further inflationary cost pressures are expected in H2. In addition, the impact of Omicron on foodservice consumer demand and production disruption due to staff members required to self-isolate remains unpredictable, but the Company has a successful track record of navigating challenging market conditions, and will continue to use its experience as it works through the second half.

Notice of results

The Group will announce its Interim Results, for the six months ended 25 December 2021, on Monday 21 February 2022.

Finsbury will host a webinar for analysts at 09:00am on Monday 21 February. Analysts wishing to attend the webinar should contact Alma PR via [e-mail] .

The Company will also host a presentation for retail investors on the Investor Meet Company platform at 4:00pm GMT on Tuesday 22 February. Shareholders who already follow Finsbury Food Group on the platform will automatically be invited, others are invited to register in advance via the following link: https://www.investormeetcompany.com/finsbury-food-group-plc/register-investor

Contact:

 
 Finsbury Food Group 
  John Duffy (Chief Executive) 
  Steve Boyd (Finance 
  Director)                       www.finsburyfoods.co.uk    029 20 357 500 
 Panmure Gordon (UK) 
  Limited 
  Oliver Cardigan (Corporate 
  Finance) 
  Atholl Tweedie 
  Erik Anderson (Corporate 
  Broking) 
  Edward Walsh                                               020 7886 2500 
 
   Alma PR 
   Sam Modlin 
   David Ison 
   Molly Gretton                    [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 26 June 2021 exceeding GBP313m.

   --      The Company's bakery product range is comprehensive and includes: 
   --      Large premium and celebration cakes. 
   --      Small snacking cake formats such as cake slices and bites. 

-- 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.

   --      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 GBP1bn (source: IRI 52 w/e 4th December 2021). The retail bread and morning goods market has a value of GBP5.2 billion (source: Kantar Worldpanel 52 w/e 26th December 2021). The retail Free From cake market is valued at GBP54 million (source: Kantar Worldpanel 52 w/e 26th December 2021). The retail Free From bread & morning goods market is valued at GBP153 million (source: Kantar Worldpanel 52 w/e 26th December 2021).

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

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

-- 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 facilities in Rybarzowice and Zywiec in Poland.

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January 13, 2022 02:00 ET (07:00 GMT)