Finsbury Food says hot cake sales boost first quarter

26th Nov 2014 10:31

Cakes and breads baker Finsbury Food Group reported a 3.9% increase in revenues, boosted by stronger sales in the first four months of its new financial year.In a statement at its annual general meeting, Finsbury Food said revenues grew to £57.3m during the period, as its UK bakery division grew 5% driven by strong trading performance in the firm's cake business.However, sales fell 3.1% at the company's 50% owned joint export business sector following a reduction in promotional sales in an effort to optimise returns.Fletchers, the Sheffield-based bakery acquired by the firm on 30 October for £56m, made a pre-tax profit of £1.8m during the 26 week period ended 27 September, against a loss of £907,000 a year ago.Finsbury stated: "The directors are confident that the anticipated sales growth and scale efficiency benefits anticipated at the time of the acquisition will be realised in the coming months and years."Overall the directors are pleased to report positive trading performance for the company as a whole and in line with the board's expectations,"Finsbury Food shares were up 4.13% at 63.00p per share on Wednesday morning as of 11:21