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Finsbury Food Group (FIF)

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Finsbury Food on track for full year after contract wins

21 Nov 18

LONDON (ShareCast) - (Sharecast News) - Speciality bakery manufacturer Finsbury Food said on Wednesday that its FY19 results should be in line with expectations thanks to a number of contract wins.
The AIM-listed company said it continues to trade in a "difficult" environment, with sustained inflationary pressures.

"Despite this, our ongoing investment programme, underpinned by our strong cash flow, continues to drive operational efficiency and alongside this, we are mitigating cost inflation through price recovery," said non-executive chairman Peter Baker.

While weaker customer demand over the summer meant sales were weighted to the second half, current trading is underpinned by a number of "significant" contracts wins heading into Christmas, which will deliver sales growth in the first half and beyond. As a result, the group expects to be in line with expectations for FY19.

Finsbury said the integration of Ultrapharm, which it bought earlier this year, is progressing well and additional capacity will be delivered by the end of the existing fiscal year in Poland, with a new factory lease signed, and in Wales.

"Overall, the group continues to deliver on its strategy, focused on driving growth organically and through M&A. We continue to strive to achieve our vision of being a leading speciality bakery group, producing a broad range of high-quality products that deliver growth and differentiation for our customers, while fulfilling the needs of end consumers, both in the UK and in Europe."

At 1315 GMT, the shares were down 2.7% to 109.90p.

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 90.00p
Change Today -5.50p
52 Week High 104.00p
52 Week Low 60.00p
Volume 288,237
Shares Issued 130.38m
Market Cap 117.35m


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