Major Scottish employer Finsbury today said its UK operations had put in a strong performance in recent months helped by easing cost pressures.
The bakery group, which owns celebration cake firm Lightbody in Hamilton and baker Johnstone’s in East Kilbride, said sales in the year to 29 June increased 3.1% to £299.3 million, with sales in the second half increasing 5.7% against the same period last year.
In the group's core UK bakery division, like for like sales grew by 4.7%, which it said was ahead of the wider market and achieved “despite the ongoing malaise in consumer confidence and the broader macro environment”.
In the trading update the firm said that although some increases in costs were moderating following spikes in recent years, inflationary pressures remain.
Chief executive John Duffy said: "We have navigated through an intense period of cost inflation and broader macro issues, and as such, we are very pleased to be reporting a strong return to growth in the second half, delivering a performance that is in line with market expectations.
“We look forward to reaping the benefits of the investment in Ultrapharm, an acquisition that has further diversified the Group into higher growth markets. As a focused and diversified group, we remain optimistic about the growth prospects ahead."
Last year the group acquired Ultrapharm, behind the ‘Free From’ bakery brand, which added manufacturing facilities in Pontypool in the UK and in Żywiec, Poland.
