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(Alliance News) - Finsbury Food Group PLC said on Monday that it saw a record sales performance in its first half and increased its stake in European distribution business, Lightbody-Stretz Ltd.
For the six months to December 25, Finsbury reported a pretax profit of GBP5.7 million, down 24% from GBP7.4 million the previous year. The company said this drop reflected the impact of inflationary pressures.
Revenue, however, rose 8.9% in the period to GBP166.5 million from GBP152.9 million in the first half of 2020. Its UK Bakery revenue totalled GBP142.3 million and its Overseas revenue totalled GBP24.3 million, up 5.7% and 32% respectively year-on-year.
The Cardiff-based baker said that its wholly-owned subsidiary Lightbody Holdings Ltd has agreed to acquire a further 35% of Lightbody-Stretz Ltd from Phaste Sarl for EUR7.1 million, bringing its total holding to 85%.
The company has also entered into an option agreement to acquire the remaining 15% after two years. Lightbody-Stretz is the holding company of the group's European distribution business, Lightbody Europe SAS, operating primarily in the French and Benelux markets.
In the year ended June 26, Lightbody Europe reported a net post-tax profit of EUR2.3 million. Finsbury said it believes the acquisition will enhance its capacity to deliver growth outside of its primary UK markets.
Shares in Finsbury were down 3.0% at 85.88 pence on Monday afternoon in London.
By Heather Rydings; heatherrydings@alliancenews.com
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