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All change at Finsbury
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23/09/2008
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Finsbury Food Group has been through a “hugely challenging” year given the inflationary pressures the food industry has had to deal with, the cake maker reported today (23 September).
Finsbury, which manufactures premium and indulgent cakes, celebration cakes, low fat cakes, artisan and organic breads, morning goods, and a range of gluten free bakery products, was reporting on its finances for the year ended 30 June. It saw sales increase 13% while pre-tax profit climbed 68% to £7.7 million (2007: £4.6m).
Incoming chief executive Martin Lightbody, (he is set to take over the post from current incumbent Dave Brooks after a six month handover period) said challenges like the current economic environment brought opportunities and Finsbury was “in great shape to seize them”.
He went on: “We have a great team managing our newly created three distinct divisions - Cake, Bread and Free From - strong customer relationships and a market leading position in the UK cake industry. As the newly appointed Chief Executive, I relish the opportunity of focusing on driving organic growth over the next 12 to 18 months."
Finsbury, the number two player in the £1.5 billion UK cake industry, was until May chaired by Lord Saatchi. New chair, David Marshall said the first ten weeks of the year to June 2009 had seen the upward sales trend continuing. Looking ahead, he said the current year was extremely hard to predict given all the uncertainty in the economy. The company would “remain watchful” and continue to drive operational efficiencies within the business.
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Author
Ken Hurst
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