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Strategic Report


Our strategic objective is to create sustainable value for our shareholders, customers and other stakeholders by building a UK wide speciality bakery group.


“Our growth strategy will continue to be delivered by a combination of organic growth and targeted acquisitions.”


We will produce a broad range of high quality products, targeted at growing channels and market niches, which deliver growth and differentiation for our major customers and fulfil the needs of end consumers.


Our growth strategy will continue to be delivered by a combination of organic growth and targeted acquisitions. Consolidating our market share in existing areas, such as Celebration cakes and organic bread, as well as diversifying our existing product capability into new channels such as foodservice cake will deliver organic growth. Further acquisitions will introduce new product, customer or channels diversification or accelerate market consolidation in our core product areas. The recent acquisition of Fletchers introduced significant customer (M&S), channel (foodservice) and product (muffins and croissants) diversification into the Group. The Johnstone’s acquisition similarly took Finsbury into the coffee shop cake market for the first time.


Creating shareholder value.


Our Markets The total UK ambient cake market (including pre-packed cake and in-store bakery) is valued at £1.09bn (source: Kantar Worldpanel 52 w/e 20 June 2015). The past 12 months has seen value and unit sales grow by +1.2% and +0.4% respectively. We continue to be the second largest supplier of pre-packed ambient cake to the UK’s multiple grocers and have strengthened our leading position in the niche areas on which we focus.


Annual bread and morning goods sales in the UK are in excess of £4.8 billion (source: Kantar Worldpanel), although the market remains flat. We are a niche player in this market, manufacturing a comprehensive range of bread and morning goods such as artisan, healthy lifestyle and organic breads through to rolls, muffins and morning pastries. All are available fresh and frozen depending on the customer channel requirements. The foodservice out of home eating sector continues to grow while the retail environment remains challenging.


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