25 May 2012

Bread rising at Finsbury

24/11/2011 Ben Jaglom

Premium cake maker Finsbury Food Group (FIF) has issued a trading update in which it reports a 10 per cent rise in sales.

The AIM-quoted concern said that for the four months to November sales of £68.3 million, an increase of £10 million on the same period last year were reported. Its Cake, bread and 'free from' (which manufacture cakes that are free from ingredients such as gluten or wheat) divisions were all said to have grown 'strongly' while Lightbody Europe, its joint venture export business also contributed to half of the growth in sales.

It added that year on year growth was expected to 'moderate' once the company reaches 'the anniversary of last year's new product launches and increased promotional activity'. The company remarked that its shoppers continue 'to be affected by the economic uncertainty' with the business having experienced 'ingredient and input cost inflation year on year.'

Chief executive John Duffy said that Finsbury continues 'To innovate and adapt our quality product ranges so that they remain affordable for shoppers.'

Analysts at house broker Panmure Gordon are forecasting pre-tax profits of £6.42 million (EPS: 7.7p) for the year to July 2012 with a dividend of 1p a share also penciled in.

Last rated by Growth Company Investor this September at 25.75p as a hold, the shares currently trade at 27.25p, having gained 0.25p this morning. We retain that rating.

Tags: AIM quoted business, Lightbody Europe, Premium cake maker

Sector: Food Producers

Companies: Finsbury Food

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