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Finsbury Food Group

  • BY: Andrew Hore |
  • POSTED: 20/01/2010 |

Stephen Boyd is replacing Lisa Morgan as finance director of cakes maker Finsbury Food Group.

Trading is in line with expectations in the first half. Cakes sales are declining along with the market. Analysts forecast profits of around £5m for the year to June 2010.

Boyd worked with Finsbury chief executive John Duffy at Golden Wonder. He has also worked at WT Foods and Noon Products.

At 21.25p a share, up 0.25p on the day, Finsbury is valued at £11.2m. Net debt was £41m at the end of June 2009 and there are potential deferred payments on acquisitions. The total facilities are £49m.

Reducing this debt will be the main concern of Boyd. Operational cash flow will not cut it significantly.

Interim figures will be published on 23 March.

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