Finsbury Food FY Adj. Operating Profit Rises; Revenue Up 2.3%

Finsbury Food Group Plc (FIF.L) said it delivered a robust financial performance during its fiscal year with year-on-year revenue growth and a total sales figure almost at pre-pandemic levels. Adjusted operating profit margin was at 5.1% compared to 4.9%, prior year. Fiscal year revenue improved 2.3% year-on-year. The Group said the growth in revenue is the result of a strong second half performance which saw Group revenues grow 9.1%.

For the 52 weeks ended 26 June 2021, profit before tax increased to 17.0 million pounds from 2.9 million pounds, last year. Profit per share was 9.3 pence compared to a loss of 0.6 pence. Group adjusted operating profit was at 16.1 million pounds, up 7.8%. Adjusted earnings per share increased to 8.6 pence from 7.7 pence.

Group revenue increased to 313.3 million pounds from 306.3 million pounds, previous year. Revenue in the Group's core division, UK bakery, increased 0.8% for the full year, driven by a strong second half revenue growth of 6.8%. The recovery of the Group's foodservice business has continued, although slower than expected due to ongoing Covid restrictions.

The Board recommended a full year dividend of 2.4 pence per share for the financial year ending 26 June 2021.

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