Finsbury overcomes price pressure to pass £100m revenue mark

CAKE maker Finsbury Food said half year revenues passed the £100m milestone for the first time, despite pressures from high raw material prices.
By The Newsroom
Published 27th Mar 2012, 07:00 BST

The maker of Memory Lane Cakes and low fat cake slices said that both its UK ‘Cake’ and ‘Bread & Free From’ businesses saw strong growth of 10 per cent and eight per cent respectively.

The group’s Livwell division, based in Hull, employs 110 people and is the UK’s leading supplier of gluten free bread, cake and morning goods to the UK’s grocery retailers.

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Finsbury’s chief executive John Duffy said: “We are pleased to be reporting further growth across each of the Finsbury businesses. This is particularly noteworthy considering the pressure we are seeing from high commodity and input price inflation.

“With this in mind, we are focused on driving both efficiency and productivity to mitigate against the negative margin impact of these pressures, and believe that the measures we are taking will continue to bear fruit.”

Sales in the ‘Bread & Free From’ division were driven by strong growth in the fresh gluten free market from the Genius and retailer brands.

The group has consolidated its position as market leader in Free From bakery with new products ready to launch in the Genius range. Listings have been secured for own label fresh and long life free from products.

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Sales in the larger cake division rose 19 per cent to £76.4m.

The group is the licensed celebration cake maker for Fireman Sam. It has also extended agreements with long-term favourites such as Peppa Pig and Star Wars.

The group said trading in the first eight weeks since the half year is in line with expectations.