The price of shares in AIM-listed baker Finsbury Foods (LON:FIF) has decreased by 3.72% to 71.25p (as of 14:00 GMT) after it reported a 4.1% drop in revenues for the six months ended 26th December. Pre-tax profits sank by 16.1% in the face of challenging COVID conditions.
CEO John Duffy commented: “The first half was a period in which Finsbury again demonstrated its resilience and ability to manage and adapt to the effects of the pandemic. Through careful management of resources, anticipating and responding quickly and effectively to changes in consumer demand, and maximising the benefits of operational initiatives both new and historical, we were able to deliver a robust performance.
Retail performed very well and was up versus a strong corresponding six-month period in 2019, and while the trajectory of an overall recovery continues to be tempered by the adverse impact of tighter government restrictions on foodservice, we are confident the division will bounce back when trading conditions normalise, particularly when the public sector reopens.
As we move into the second half, we maintain our focus on delivering organic growth, capitalising on the emerging trends in areas such as artisan and Free From and continuing to leverage our leading position in more established areas such as cake bites and buns & rolls.
The current operating environment continues to be characterised by near-term uncertainty and a challenging economic backdrop that is likely to remain for some time, but a combination of progress in the roll-out of the vaccine and the avoidance of a ‘no deal’ Brexit provides comfort around the Group’s medium-term prospects. Longer-term, our growth ambitions remain unchanged, and with the progress that is being made behind the scenes to make Finsbury a more efficient and joined-up business, focused on driving synergies and scale benefits across the Group and its supply chain, we are confident we are building the right platform to achieve them.
I would like to again thank our teams around the UK, whose dedication and hard work since the onset of the pandemic has been exemplary“.