Cake supplier Finsbury Food Group has posted a 3% rise in pre tax profits following strong growth from its bread and free-from division.
Profits before tax hit £1.9m for the six months to 1 January, up from £1.8m for the first half of 2010. Sales in its bread and free-from division rose 14% to £23.6m, compared to a mark of £20.6m for the previous term.
Meanwhile, cake sales continued to reverse last year’s decline up 3% to £64.2m.
The group said its joint venture with gluten-free supplier Genius Foods to expand the number of products made under the Genius brand had also given the business a boost.
“Although we are adopting a cautious approach with the trading environment as it is, we look forward to exploiting the growth opportunities available to us in both the bread and free-from market, and also the cake market, in the coming year,” said chief executive John Duffy.
Gluten-free booms in 2010 (8 February 2011)
Finsbury sales up but egg scare takes toll (21 January 2011)
Genius and Finsbury get closer to grow appeal of gluten-free (8 January 2011)