News blog
Finsbury Food Group
- BY: Andrew Hore |
- POSTED: 25/11/2009 |
Cake maker Finsbury Food Group says that sales have been poor in this financial year.
Cake sales have declined by 6% in the 17 weeks to the end of October 2009, compared with a market decline of 4%.
The much smaller speciality bread and free from division increased sales by 11%. That meant that the overall decline for the group was 2%, of 4% decline excluding acquisitions.
Integration has improved efficiency but this can only minimise the effect of the lower sales not totally make up for it.
KBC Peel Hunt has cut its profit forecast from £5.5m to £5m, although house broker Panmure Gordon is maintaining its forecast of £5.4m.
The shares fell 3.5p to 22.25p each, which values Finsbury at £11.7m. Net debt was £41m at the end of June 2009 and there are potential deferred payments on acquisitions. The total facilities are £49m.
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