London / UK. (ffg) British Finsbury Food Group PLC, provided an update on trading for the first half of the current financial year, prior to entering into its closed period. Group revenue was up twelve percent compared with the same period last year. The «full year» effect of the businesses acquired during the course of the previous financial year accounts for seven percent of this growth. The inclusion of an additional week´s sales due to the current financial year covering 53 weeks, versus 52 weeks in a «normal» trading year, accounts for a further three percent growth.
Sales in Finsbury´s two smaller divisions, Bread and Free From, have continued to increase with like for like growth, after adjusting for acquisitions and the additional week of trading, of 16 percent and 23 percent respectively.
Sales in the group´s largest division, Cake, are up four percent in absolute terms versus the first half of last year but «flat» on a like for like basis. Growth in this part of our business has been impacted by a reduction in sales of seasonal products in our range.
Finsbury has now entered the second half of the current financial year and continues to invest heavily in promotional activity to support our customers. The company is experiencing an increase in demand for products under our licensed brands, in particular Thorntons and WeightWatchers, which complement the ongoing development of its key retailer own brand relationships.
Finsbury Food will continue to adapt its broad product range to reflect changing consumer needs whilst driving improvements in efficiency throughout all aspects of its business. The consumer environment for the next six months remains uncertain, and as a result it is difficult for the company to be definitive with regard to its expectation of earnings in this current year. Finsbury´s current view remains that operating margins are likely to be between one and two percent lower than last year; however, the company continues to be confident that the demand for its brands and its strong product range will enable it to maintain the leading position in the market place.
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