Cake maker Finsbury Foods has announced a hefty 68% rise in adjusted pre-tax profit to £7.7m and a 13% rise in like-for-like sales over the past year. Thanks to acquisitions including Anthony Alan Foods and Livwell, total group sales soared almost 54% to £169m, according to preliminary results for the year ending June 2008.

“The economic environment brings opportunities and Finsbury is in great shape to seize them,” said Martin Lightbody, who became chief executive earlier this month following the surprise departure of Dave Brooks. “We have a great team managing our newly created three distinct divisions – cake, bread and free-from – strong customer relationships and a market-leading position in the UK cake industry.”

He said he was expecting a winter of promotional offers on products as retailers battled to keep prices down for shoppers.