Finsbury Food Group has unveiled robust results for the last year, with like-for-like sales at the UK’s second-largest cake maker up 13% for the period.
Thanks to acquisitions including those of Anthony Alan Foods and Livwell, total sales at the group soared by almost 54% to a new high of £169m.
Although like-for-like sales were up by 13.2%, pre-tax profits dipped from £5.4m last year to £5.1m, with the group estimating that costs rose by around £6m over the year.
The results come after Finsbury earlier this month confirmed the surprise departure of chief executive Dave Brooks, who had been at the helm since 2002.
Brooks was succeeded in the role by Martin Lightbody, the former chief of cake manufacturer Lightbody, which was acquired by Finsbury in a 2007 deal.
Lightbody said: “Challenges such as the economic environment in which we are operating bring opportunities [and] Finsbury is in great shape to seize them. 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. I relish the opportunity of focusing on driving organic growth over the next 12 to 18 months.”