Finsbury Foods update doesn’t satisfy markets

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Finsbury Foods update doesn’t satisfy markets
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The share price of AIM-listed baker Finsbury Foods (LON:FIF) sank by 11.08% to 82.70p (as of 14:40 GMT) after the company said that revenues for the six months ended 31st December were 3.5% lower than the prior year. The core UK baking division grew by 1.7% despite difficult macroeconomic conditions, but sales from the overseas divisions dropped by 8%.

Management said the integration of the recently acquired Ultrapharm was proceeding as planned and believe that the group remains well placed in its industry despite difficult market conditions.

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