StockMarketWire.com - Finsbury Food Group total sales revenues grew by 4% to £105.5m during the first four months of its 2017-18 financial year and trading was in line with expectations.

The group said this was a pleasing performance which showed resilience and recognised that the UK retail food market had recently transitioned from a deflationary to an inflationary environment.

Finsbury also said it continued to benefit from the geographically diverse nature of its operations.

The UK bakery division's sales increased by 5% in comparison to the corresponding 2016-17 period, while the overseas division, the group's 50% owned European business, declined by 3.8% when compared to the corresponding 2016-17 period.

The group said it had a strong track record of successfully navigating the previously reported headwinds which continued to face the entire industry.

It said: 'This resilience has been achieved by investing in initiatives which drive efficiency and productivity and therefore offset increases in the Group's cost base to ensure that Finsbury is well positioned to maintain value for consumers and to remain a competitive, low cost producer for customers.

'Having delivered strong cashflow during the period, the Group is ideally positioned to maintain this focus, and the Board is therefore confident that Finsbury is well-equipped to deliver growth and shareholder value going forward.'


At 8:20am: [LON:FIF] Finsbury Food Group PLC share price was +2p at 105.5p



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