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Finsbury Food Group (FIF)

Share Price:
Up 66.00p
Change Today:
0.50p
Market Cap:
86.05m

Finsbury Food swings to a profit following disposal of Grain D'Or

25 Feb 19

LONDON (ShareCast) -

Finsbury saw revenues rise 0.5% on a like-for-like basis to 145.5m; however, total sales fell 3.5% to 152.3m in the six months ended 29 December.


Operating profits were flat at 8.7m, while pre-tax profits came to 7.5m in the half, a marked turnaround from the 1.2m loss recorded a year earlier.


Earnings per share picked up 2.1% to 4.9p.


The AIM-listed outfit said the bakery sector continued to face commodity headwinds, now led by flour, continuing labour inflation ahead of CPI driven by the National Living Wage, "significant" utility inflation and general inflation all of which necessitated price recovery from customers.


Net debt increased 117% to 36.1m.


Chief executive John Duffy said: "In what has been a challenging period, we are pleased to report another robust set of financials, testament to the strength of our business and our position in the market place.


"Whilst there is no doubt that the wider market pressures will continue in the period ahead, our market position is solid and we are well positioned both now and for the longer term."


As of 1200 GMT, Finsbury shares had dipped 2.30% to 80.12p.

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 66.00p
Change Today 0.50p
52 Week High 127.50p
52 Week Low 60.00p
Volume 177,857
Shares Issued 130.38m
Market Cap 86.05m

Dividends

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Ex-Div 04-Apr-19 22-Nov-18
Paid 26-Apr-19 21-Dec-18
Amount 1.16p 2.20p