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Finsbury Food Group (FIF)

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Finsbury Food revenues drop as bakeries closed

16 Jan 19

LONDON (ShareCast) - (Sharecast News) - Finsbury Food was under the cosh on Wednesday as the speciality cake manufacturer posted a drop in half-year revenue following the closure of some of its bakeries.
In an update for the six months to 31 December 2018, the company said total group revenue including the closed businesses fell 3.5% to 152.3m. Total group sales revenue on a like-for-like basis was up 0.5% at 145.5m.

Growth in LFL sales was attributed to the core division, UK Bakery, which saw 1.7% growth despite a difficult macro environment with sustained inflationary pressure. However, sales in the overseas division fell by 8% during the period.

Finsbury said the integration of recent acquisition Ultrapharm is continuing to progress and additional capacity will be delivery by the end of the existing fiscal year.

"The group is now a diverse multi-channel speciality bakery group and despite the market conditions, is well placed to continue to drive efficiency, deliver innovation and maintain its leading position in the market," it said.

Finsbury announced back in 2017 that it would close its loss-making Grain D'Or business.

At 1005 GMT, the shares were down 11% to 82.90p.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Market Data

Currency UK Pounds
Price 87.50p
Change Today 2.00p
52 Week High 111.50p
52 Week Low 60.00p
Volume 285,265
Shares Issued 130.38m
Market Cap 114.09m


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Ex-Div 21-Nov-19 04-Apr-19
Paid 23-Dec-19 26-Apr-19
Amount 2.34p 1.16p