FDBusiness.com

Finsbury Food Group, the UK manufacturer of cake, bread and gluten free bakery goods, has exceeded the £200 million turnover barrier for the first time. Reflecting significant organic growth across all its divisions, and despite the impact of commodity and cost inflation, Finsbury Food Group increased revenue by 9.4% to £207.4 million and adjusted profit before tax by 11.6% to £6.5 million for the 52 weeks ended 30 June 2012.

The cake division continues to grow with sales up 9.2% to £152.4 million from both UK and export markets. Sales at the bread and free from division rose by 10.0% to £54.9 million, driven by strong growth in the fresh gluten free market, Vogel’s brand growth and fresh free from own label in the speciality bread market.

John Duffy, chief executive of Finsbury Food Group, comments: “I am delighted to report such a noteworthy set of results, both due to the significant revenue milestone accomplished this year and the increase in both top and bottom line growth in the period, despite continued market pressures. The formula we have pursued has and will continue to remain steadfast, to maintain the pattern of growth in profitability, underpinned by a commitment to meeting the needs of our customers and consumers. I am confident that the pragmatic foundations so carefully laid down in recent years are set to produce enduring benefits for both the business and our shareholders.”

Finsbury Food Group is the second largest manufacturer of ambient packaged cake (excluding in-store bakery) in the UK, a market valued at £914 million. The group is also the market leader in the supply of gluten free baked goods to the UK’s multiple grocers.