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Finsbury Food Group
- BY: Andrew Hore |
- POSTED: 03/10/2010 |
Finsbury Food Group was hit by a declining cake market but it still managed to generate cash to reduce its debt.
Revenues fell from £178.9m to £168.3m in 2009-10 with the fall exacerbated by the withdrawal from some low margin business. Underlying pre-tax profit rose by 7% to £5.4m thanks to a reduction in costs.
The bright spot was the bread business, where Finsbury has spent £2m increasing its capacity, particularly for its Genius brand. Like-for-like bread sales grew by 9% last year, while the underlying operating profit more than doubled.
House broker Panmure Gordon believes that Finsbury could edge up its profit to £5.8m in 2010-11.
Net debt reduced by 11% to £36.5m at the end of the financial year. The rescheduling of some deferred consideration should help Finsbury reduce its debt further this year.
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