Finsbury Food’s revenues on the rise

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Finsbury Food Group PLC (LON:FIF) said its food service business continues to be affected by Coronavirus (COVID-19)-related restrictions but things are improving.


The manufacturer of cake and bread bakery goods said the food service business has seen performance improve on a quarter-by-quarter basis since the outset of the pandemic. Its retail business, meanwhile, is trading strongly, resulting in group revenues for the year to 26 June rising 2.3% to GBP313.3mln from GBP306.3mln the year before.


Revenue in the group’s core division, UK Bakery, increased 0.8% for the full year, driven by a strong second half (H2) with H2 revenues up 6.8% versus the prior year.


The overseas division saw H2 revenues increase 27.4% year-on-year, resulting in full-year overseas revenues rising 13.4% from the previous year.


“Looking ahead, while the current operating environment continues to experience near-term uncertainty amidst challenging economic conditions, assuming trading conditions continue to normalise, we are confident in our ability to make further progress in the current financial year and in being able to deliver on our longer-term growth ambitions,” said John Duffy, the chief executive officer of Finsbury Food.


Shares in the bakery group were up 1.1% at 92p in mid-morning trading.


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