 has revealed that revenue for the year ended 30 June fell by 3.4 percent to £303.6 million. The cake and bread manufacturer){kind=link}
Finsbury Food (LON: FIF) has revealed that revenue for the year ended 30 June fell by 3.4 percent to £303.6 million.
The cake and bread manufacturer says that they still expect to deliver profits in line with market expectations, however, shares still sank by three percent in early trading.
“In what has been a very challenging environment with unprecedented commodity and labour inflation, the group has done well to recover those cost pressures through a combination of operational efficiency and price recovery,” said the group.
The group makes cakes under licensed brands such as Disney and Thorntons. Last year, Finsbury Food announced the closure of its loss-making Grain D’Or bakeries in London.
Chief executive John Duffy said: “We are pleased with the resilient performance of the group in what has once again been a period of market-wide inflationary pressure, illustrating that the work and investment undertaken in prior periods has continued to bear fruit.”
“The group is robust, well diversified and in a strong position to continue to deliver on its strategic objectives in the period ahead,” he added.
Finsbury Food also reported flat profits last year at £314.3 million, slightly down from the £319.7 million the year previous.
Shares are currently trading down 0.09 percent at 114.90.