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Chairman’s Statement


Some Chairmanships are a sinecure. Others demand active involvement. Given my preference for the latter form of engagement, I am delighted to have assumed the role of Chairman at such a pivotal moment in the history of Finsbury Foods.


We have achieved an encouraging degree of momentum in a difficult market.


A significant corner has been turned in recent years. Te balance sheet is secured, investment in people and machinery has begun to bear fruit and scale benefits are being realised across the business.


I am pleased to report that our results for the current financial year are comfortably in line with the expectations of the markets and our shareholders.


We have achieved an encouraging degree of momentum in a difficult market against a backdrop of increasing commodity costs. Tere is a new Board, a fresh attitude and a sharpened appetite for progress.


I have worked in the Food and (on and off) the Bakery Industry for almost four decades. Troughout that period, two constants have remained unchanged – people and products. If the product is effective, you have a powerful springboard. Add the right people and you are primed to succeed.


Both those two elements are in place at Finsbury; we’re producing great products on a consistent basis and have outstanding people in all spheres of the business.


Even in my short time with the Company I have seen confidence growing across the business; confidence in our relationships, confidence in our approach and strategy, confidence in the direction we’re taking.


Travelling around our facilities provides further encouragement. Te management team at Cardiff has exceptional talent and drive while the facility at Hamilton is equally well run. We have focused on doubling capacity at our platform at Nicholas & Harris, which has demanded internal focus and it is now fully commissioned.


Corporate governance standards have moved on apace and our new Board will continue to make significant improvements in this important area. Tere is a lot of brainpower around the table with comprehensive sector experience and a smaller Board will help our decision making become more nimble and decisive.


I would like to express my gratitude to our shareholders, to my fellow Directors and to each and every one of our employees for all their hard work. I would also like to place on record our continued appreciation for the enduring support and assistance of our bankers.


Treading water is not an option. Over the next three to five years, my tenure will be judged by a number of criteria:


a. Improving shareholder value b. Acting justly and fairly towards our employees c. And in a nutshell, growth.


It is a pivotal time for Finsbury Foods. We can bring about a degree of organic expansion but growth will primarily be realised through acquisition and mergers.


Tere is a window of opportunity in the markets and the Board is actively exploring investment options. Scale will stimulate fresh routes to market, diversification of our customer base and a new perception of the Company among analysts and stakeholders.


Is it possible for a relatively small, listed Group like Finsbury to double in size over a relatively short period? Te management team believes that it is, providing we can find the right opportunities.


We’ve done the hard yards. Finsbury has invested in the business when others played safe, invested in people when our competitors did not. We are focussed on helping retailers respond to changing consumer needs by offering solutions that work.


Te next stage requires foresight, courage and pragmatism. It demands an ability to sustain the pace of internal transformation while remaining sensitive to external opportunities. Given the obstacles overcome by the business in recent years, I have every confidence we shall continue to advance.


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