Leading UK speciality bakery manufacturer Finsbury Food Group has reported a sales jump of almost 25% up to £319.7 million for the full financial year ending July 2.
Sales in the UK bakery division of the firm also rose by 3% on a like for like basis, with foodservice channel sales accounting for more than 20% of total UK bakery sales, with a 5.3% rise on a like for like basis.
The company acquired Fletchers Bakeries in October 2014 and Johnstoneâs Just Desserts in June 2015 and the integration of these companies also resulted in a 5% growth to £12.8 million.
After a positive performance in the first half of the year, the firm said that strong trading had continued into the second half of the year.
John Duffy, Chief Executive at Finsbury Food Group said that the delivery of significant growth throughout all divisions of the company on a like for like basis is a good achievement, while the company is pleased to see sales revenues ahead of the markets it operates in.
Duffy commented: This growth is underpinned by capital investment and our continued focus on innovation, maintaining our position as one of the UKâs largest speciality bakery groups. More than ever we are well placed to continue our solid performance and drive growth.
The manufacturer also said that while it is too early to fully comprehend the impact of Britainâs decision to leave the European Union, the firmâs board believe it is well equipped to manage any effects that may occur in future, while continuing to deliver growth and better value for shareholders over the next few years.
The Finsbury Food Group made changes to its board in April, as Edward Beale stepped down from his non-executive director position and Zoe Morgan was appointed as a non-executive director.