Cake giant Finsbury Food has little cause for celebration as revenue drops sharply
One of the UK’s biggest cake makers has seen group revenue fall by more than four per cent to £152.9m in the six months leading up to Christmas, the group announced this morning.
Finsbury Food Group’s profit before tax also dropped 16.1 per cent to £7.4m as the company felt the effects of coronavirus lockdowns.
John Duffy, CEO of Finsbury Food Group, believes the company will bounce back when trading conditions normalise.
Duffy said: “The current operating environment continues to be characterised by near-term uncertainty and a challenging economic backdrop that is likely to remain for some time, but a combination of progress in the roll-out of the vaccine and the avoidance of a ‘no deal’ Brexit provides comfort around the Group’s medium-term prospects.”
Finsbury Food Group is one of the largest bakery groups in the UK, specialising in premium celebration cakes and organic breads.
There have been signs of steady improvement since the initial lockdown with retail creeping up as the company responds quickly to changes in consumer demand.
The company supplies sweet treats to a range of major brands including Thorntons, Weight Watchers and Vogel’s.
It is valued at more than £963m and has a current price of 75p per share.