…and what it means.


Contents 01 Highlights


02 Chairman’s Statement 04 Chief Executive’s Report 06 The Directors 08 Strategic Report 24 Report on Corporate Governance 26 Audit Committee Report 28 Directors’ Remuneration Report (unaudited) 29 Directors’ Remuneration Policy Report (unaudited)


39 Consolidated Statement of Profit and Loss and Other Comprehensive Income


40 Consolidated Statement of Financial Position 41 Consolidated Statement of Changes in Equity 42 Consolidated Cash Flow Statement 43 Notes to the Consolidated Financial Statements 74 Company Balance Sheet


75 Company Reconciliation of Movements in Shareholders’ Funds


76 Notes to the Company’s Financial Statements 81 Directors’ Report


83 Statement of Directors’ Responsibilities in Respect of the Annual Report and the Financial Statements


84 Independent Auditor’s Report to the Members of Finsbury Food Group Plc


85 Advisers


Strategic Highlights


• Acquired the Fletchers Bakery Group (Fletchers) for £56m in October 2014, part funded by an oversubscribed £35m equity raise.


• Fletchers gives Finsbury a broader spread of customers across food retail and foodservice channels in cake, bread and morning goods businesses.


• Acquired the trade and assets of Johnstone’s Just Desserts Ltd (Johnstone’s) from administrators for £1.6m in June 2015.


• The acquisition of Johnstone’s, a specialist foodservice cake manufacturer with significant coffee shop exposure will augment our foodservice offering.


• The Group is now one of the largest speciality bakery groups in the UK with annualised revenues of approximately £300m.


• Successful delivery of targeted cost cutting initiatives through continuous improvement programmes.


Operational Highlights


• Increase in operating profit margin showing the benefits of ongoing capital investment, continuous improvement, business improvement initiatives and overhead management.


• Organic sales growth of 6.1% versus prior year, driven by market share growth in the UK Cake business.


• Foodservice sales growth ahead of market growth with 20 new products launched across five ranges.


• Winner of 2015 Insider Wales Dealmakers Deal of the Year Award.


• Winner of Bakery Manufacturer of the year for 2015 at the Bakery Industry Awards.


• Food Manufacturers’ Bakery Manufacturing Company of the year award 2014 and winner of 1st, 2nd and 3rd place in the Q awards.


• Successful robotic installation in Hamilton and completion of Cake Innovation Centre.


• Baking Academies set up in Cake and Bread.

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