Finsbury Food Group UK sales growth offsets slowdown in overseas
The baker's sales for the four months since June rose 4.0% to GBP105.5 million, a "pleasing" performance showing resilience and a UK retail food market which has moved to an inflationary environment.
The UK Bakery division's sales were up 5.0% year-on-year, but its Overseas division, which comprises its 50%-owned European business Lightbody Stretz, posted a drop in sales of 3.8%.
Finsbury, whose brands include Thorntons chocolates and Weight Watchers low-fat cakes, said the results show its diverse geographic spread, allowing it to mitigate headwinds in different geographies, as well as vindicating an efficiency drive to offset increases in its cost base.
The company said it is "ideally positioned" going into the future and well-equipped to deliver growth. ■