Finsbury Food passes £100m turnover mark in six months
Posted by Margaret Gerber on January 22nd, 2012
Cardiff headquartered cake to gluten free bread maker Finsbury Food Group has for the first time broken through the 100m turnover barrier for a six month trading period.
The company, which is listed on the Alternative Investment Market, also has its Memory Lane Cakes business in Cardiff, working on own-label cakes for retailers and Thorntons.
Its total workforce in Cardiff is 900.
The UK-wide company said that in the first half of its current financial year the six month period to the end of December, 2011 group revenues continued to grow significantly reaching 102m, passing the 100m six months milestone for the first time.
This represents organic growth of just over 14m and an increase of 16% compared with the previous year.
The group experienced growth across each of the Finsbury businesses. Both the UK cake and bread and Free From businesses saw strong growth of 10% and 8% respectively. The combination of these businesses accounted for just over half the total group growth. Lightbody Europe, the Groups 50% owned joint venture export business, provided the balance with growth of 167%.
However, in a pre-close statement ahead of its interim results, Finsbury said growth would not prove so strong in the second half of its financial year, although revenues will be in line with expectations.
Finsbury chief executive John Duffy said: The group has reached an important milestone, with over 100m sales in the first half. This demonstrates our resilience and more importantly the quality and appeal of our product ranges with consumers.
Commodity inflation remains very high year on year and this continues to depress our already low operating margins.
It is hard to forecast any improvement in this in the short term, however management and staff are committed to deliver on our twin strategy of growth and continued efficiency investment to ensure our continued success in this difficult market place.
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Tags: Finsbury Food, Six