By The Finsbury Food Group has announced a significant increase in revenue for the second half of fiscal 2023, with total group sales also on the rise. However, the company anticipates ongoing macroeconomic challenges in the new financial year.
Strong Performance Driven by Price and Acquisition
For the year ended July 1, total group sales reached £413.7 million ($539.3 million), representing a 16% increase. Finsbury Food Group attributes this growth primarily to price and the incremental volume gained from the acquisition of Lees Foods.
U.K. Bakery Division Shows Promising Results
The company’s core division, U.K. bakery, experienced a notable 14.5% increase in sales. This growth is attributed to the continued recovery in foodservice, which saw a substantial 25% rise.
Effective Management of Challenges
Operating within an environment marked by significant cost inflation and macroeconomic uncertainty, Finsbury Food Group successfully navigated these challenges during the period. The company implemented strategies such as commercial terms optimization, operational improvements, and other supply chain and overhead initiatives to manage these difficulties.
Focus Remains on Overcoming Future Challenges
As the company enters the new financial year, it acknowledges that further challenges are expected. However, Finsbury Food Group remains committed to its focus on overcoming these obstacles through effective management strategies.
Confidence in Long-Term Growth
Despite the anticipated challenges, Chief Executive John Duffy affirms that the company is well-positioned to meet its long-term growth targets.
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