Highlights· Group revenue up 1% to £103.3m (H1 2011: £102.0m)
· Profit before tax up 32.8% to £3.0m (H1 2011: £2.2m)
· Sales in the UK Cake division up 2% to £67.8m (H1 2011: £66.6m)
· Sales in the Bread division up 7% to £27.4m (H1 2011: £25.6m)
· Net debt down 27% to £27.4m (H1 2011: £37.7m)
Operational Highlights
· New celebration cake venture in Australia
· Position as second largest manufacturer of ambient cake in the UK maintained
· Licensed cakes continue to perform well - strong performance from Spiderman and Moshi Monsters, plus addition of Me to You range
· Continued growth in Bread brands
· Placing to raise £3,779,300 after expenses for capital investment projects in UK Cake business
Post period highlights
· Sale of Free From business for £21m
· Approved interim dividend of 0.25p per share
Commenting on the results, John Duffy, Chief Executive of Finsbury Food Group plc, said:
"The Group has proved its resilience and continued to drive growth, productivity and efficiencies in what remains a difficult trading environment.
"The outlook for Finsbury is now stronger than ever. The sale of the Free From business has transformed the Group's balance sheet, giving us the opportunity to catalyse our stated strategy and accelerate further growth through investment and market consolidation whilst reinstating the dividend.
"We will continue to build upon the foundations we have created, and look forward to the next stages of the Company's development with the ultimate goal of driving value for our shareholders."
