Baked goods group Finsbury Food knocked by Covid delays but still marked growth
Baked goods group Finsbury Food has ended its financial year with raised revenues despite being struck by Covid-19 unlocking delays, bringing in some £313.3m in total revenue.
The group’s results in the second half of the year faired slightly better, as consumers had more spending confidence as they eyed restrictions easing, with revenues up 9.1 per cent compared with the year before.
Revenues lifted slightly by 2.3 per cent across the whole year, boosted by its stronger performance in the second half, in the year to 26 June.
Shares were up 1.1 per cent in its afternoon trading, lifting to 92p per share.
“Our retail business performed very well and while our foodservice business has continued to be impacted by Covid-related restrictions, the performance of the division has continued to improve on a quarter-by-quarter basis since the outset of the pandemic,” baked goods boss, John Duffy, said.
The performance nears pre-pandemic levels, the group said in a statement this morning, as growth in the UK’s bakery division lagged.
Finsbury Foods UK bakery branch makes up the baked goods group’ core division, which saw just 0.8 per cent growth for the full year, which was again driven by its stronger performance in the second half of the year – with the so-called ‘Freedom Day’ on the horizon.
Its overseas revenues were stronger, however, as Brits likely traded home-based tea and cakes for pub tables as the vaccination programme rolled on.
International revenues grew 13.4 per cent against the year before, however, the trajectory was knocked “earlier implementations of Covid lockdowns across Europe”.