Finsbury Food Group PLC AGM Statement (7889F)
19 Novembre 2020 - 08:00AM
UK Regulatory
TIDMFIF
RNS Number : 7889F
Finsbury Food Group PLC
19 November 2020
Date: 19 November 2020
On behalf of: Finsbury Food Group Plc ("Finsbury", "the Company"
or "the Group")
For immediate release
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE GROUP TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE
MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Finsbury Food Group Plc
AGM Statement
Finsbury Food Group Plc (AIM: FIF), a leading UK speciality
bakery manufacturer of cake, bread and morning goods for both the
retail and foodservice channels, is pleased to provide the
following update ahead of its Annual General Meeting today at
9.30am:
As reported in the Group's full year results in September, the
Group has proven itself to be resilient throughout the Covid-19
pandemic, responding quickly to deliver a robust trading
performance in what has been a period of unprecedented demand
swings.
We are pleased to report that sales in the first four months of
the new financial year have recovered significantly, being only
3.4% down on the equivalent period last year. This continues the
strong progressive improvement since the initial lockdown in March
2020, where post lockdown actual sales in the final quarter were
18.9% lower than the equivalent period the year before. This has
been driven by a strong retail channel performance which was
partially offset by weaker trading in UK foodservice, which whilst
improving, continues to be impacted by Government restrictions. In
view of the strength of our foodservice customer base, we are
confident that, as long as the public sector (education) and
take-away channels remain open, our current foodservice performance
will remain robust.
Despite the challenges faced by the Group as a result of the
pandemic, our drive for excellence has not diminished. The
operational initiatives that have been introduced across the Group
have gained significant traction and are yielding substantial
improvements in quality, higher operational efficiency and lower
waste. Given the strong trading and wider operational performance
in the first four months of the new financial year, and assuming
that an effective Brexit deal can be reached, the Board expects to
deliver further sales and profit growth in the current financial
year.
We are confident that this positions us well to deliver on our
longer-term growth ambitions. We look forward to providing further
updates in due course, as appropriate.
Contact:
Finsbury Food Group
John Duffy (Chief Executive)
Steve Boyd (Finance Director) www.finsburyfoods.co.uk 029 20 357 500
Cenkos Securities
Max Hartley (Corporate
Finance)
Alma PR
Rebecca Sanders-Hewett
Sam Modlin
David Ison finsbury@almapr.co.uk 020 3405 0205
Notes to editors:
-- Finsbury Food Group Plc (AIM: FIF) is a leading UK
manufacturer of cake and bread bakery goods, supplying a broad
range of blue chip customers within both the grocery retail and
'out of home eating' foodservice sectors including major multiples
and leading foodservice providers.
-- The Company is one of the largest speciality bakery groups in
the UK and, with its Overseas division, has sales in the financial
year ending 27 June 2020 exceeding GBP306m.
-- The Company's bakery product range is comprehensive and includes:
o Large premium and celebration cakes.
o Small snacking cake formats such as cake slices and bites.
o Artisan, healthy lifestyle and organic breads through to
rolls, muffins (sweet and savoury) and morning pastries, all of
which are available both fresh and frozen dependent on customer
channel requirements.
o Gluten Free bread, morning goods and cake ranges.
-- The Company is one of the largest ambient cake manufacturers
in the UK, a market valued at over GBP969 million (source: IRI 52
w/e 12(th) September 2020). The retail bread and morning goods
market has a value of GBP4.9 billion (source: Kantar Worldpanel 52
w/e 6(th) September 2020). The retail Free From cake market is
valued at GBP52 million (source: Kantar Worldpanel 52 w/e 17th May
2020). The retail Free From bread & morning goods market is
valued at GBP143 million (source: Kantar Worldpanel 52 w/e 6(th)
September 2020). The UK Out of Home Foodservice Bakery sector is
worth approximately GBP740bn per annum (source: UK foodservice data
derived from MCA data for 52 weeks to 31st March 2020).
-- The Company comprises a core UK Bakery division and an Overseas division:
o The UK Bakery division has manufacturing sites in Cardiff,
East Kilbride, Hamilton, Salisbury, Sheffield, Manchester, and
Pontypool.
-- The Overseas division comprises the Company's 50% owned
company, Lightbody Stretz Ltd, which supplies and distributes the
Group's UK-manufactured products and third party products,
primarily to Europe, and the Company's manufacturing facilities in
Rybarzowice and Zywiec in Poland.
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