Thu, 21 Jul 2022 | BUSINESS NEWS
UK-wide bakery firm Finsbury Food Group has said it will explore opportunities for acquisitions after reporting record revenues in its full-year results. The company’s sales in the year ending July 2 2022 saw revenue rise by 13.9 per cent from the previous year to £356.8 million.
The Cardiff-headquartered firm’s robust results were driven by a strong second half performance, with revenues in the latter part of the year up 18.7 per cent compared to the same period a year prior. The company produces baked goods for both foodservice and retail, with stable performance in its core UK bakery division and growth in its overseas operation helping to generate its record revenues.
Despite being impacted by “persistent pressure” from factors such as supply chain disruption, staff shortages and cost inflation, the company was able to mitigate these headwinds through supply chain initiatives, operational improvements and revised commercial arrangements.
As of June 27 2022, the company has secured a new four + one year £120 million credit facility (£60 million core + £60 million accordion). The company’s board says it is continuing to explore ways to accelerate its future growth through targeted acquisitions, with the new credit facilities providing it with the capital to pursue these growth ambitions.
Commenting on the results, Finsbury CEO John Duffy said: "To have delivered a record revenue performance this year that is in line with market expectations despite the challenging backdrop is testament to the hard work of our teams and the resilience of our model. Our retail business performed well, we continued to see a bounce back in foodservice, and our overseas division continued to see strong growth.”
"In recent years, we have experienced unprecedented challenges first triggered by the Covid crisis and now by significant input cost inflation and falling consumer confidence. While headwinds are expected to persist, we have a strong balance sheet and a successful track record of navigating challenging market conditions. I remain confident in Finsbury's ability to deliver on its long-term growth ambitions."
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