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Finsbury Food Group

  • BY: Andrew Hore |
  • POSTED: 14/11/2012 |

Cakes maker Finsbury Food Group is raising £3.9m at 38p a share in order to invest in the cake operations.

Automation and other capital investment will boost production efficiency and reduce manufacturing costs. The investment will take two years and is expected to yield annual benefits of £2m.

Net debt, including deferred consideration, was £33.9m at the end of June 2012. Underlying profit was £6.5m in the year to June 2012 as both divisions grew revenues. Since then, the bread and free from division continues to grow revenues but cake revenues declined due to lower exports. Overall trading is in line with expectations. 

At 39p a share, Finsbury Food is valued at £20.9m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2012_38.pdf

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