StockMarketWire.com - Speciality bakery group Finsbury Food posts pre-tax profits of £4.1m for the six months to 27 December - up 95% on last time and 77% higher on a like-for-like basis.

The interim results include two months of trading from the Fletchers Group which was acquired on 30 October.

Group revenue rose to £107.6m up 24.1% (H1 2013: £86.6m) and up 5.6% on a like-for-like basis. Operating profit of £4.5m was up 74% (H1 2013: £2.6m) and up 57% on a like-for-like basis. Group operating profit margin was 4.2% (H1 2013: 3.0%).

Interim dividend per share of 0.83p is up from 0.25p per share a year ago.

Chief executive John Duffy said:

"I am pleased to report the significant progress of the Group. Over the period we have seen a strategic shift, becoming more diversified in terms of products and customers, as well as evolving into one of the largest speciality bakery groups in the UK.

"We have seen notable growth, both organically and through the Fletchers acquisition, which is integrating well. We look forward to the remainder of the year with confidence and, despite a tough trading environment, we believe the Group is in a strong position to deliver on our growth strategy."

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