Finsbury Food to meet FY expectations, hails ‘resilient’ performance

Speciality baker Finsbury Food said on Thursday that it was confident of delivering a full-year performance in line with expectations.

In an update for the six months to 26 December, the company said it delivered a "resilient" trading performance against a challenging backdrop, with total sales down 4.1% from the same period a year ago to £152.9m.

"This continues the strong progressive improvement since the initial lockdown in March 2020, where post lockdown actual sales from March to June, the final quarter of the 2020 financial year, were 18.9% lower than the equivalent period the year before," it said.

Finsbury attributed the performance to positive trading from the retail channel in its core UK Bakery division and overseas, offset by expected weaker trading in UK foodservice, which remains dented by government restrictions.

"Notwithstanding the challenges that remain as a result of the pandemic, given the group's resilient performance in the first half, the ongoing operational improvement initiatives, and especially the avoidance of a no deal Brexit outcome, the board remains confident in delivering a full year performance in line with expectations," it said.