Highlights
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)
35 Consolidated Statement of Profit and Loss and Other Comprehensive Income
36 Consolidated Statement of Financial Position 37 Consolidated Statement of Changes in Equity 38 Consolidated Cash Flow Statement 39 Notes to the Consolidated Financial Statements 69 Company Balance Sheet 70 Company Statement of Changes in Equity 71 Notes to the Company’s Financial Statements 79 Directors’ Report
81 Statement of Directors’ Responsibilities in Respect of the Annual Report and the Financial Statements
82 Independent Auditor’s Report to the Members of Finsbury Food Group Plc
83 Advisers
Summary
• Group revenue of £319.7m up 24.8%, 52 week revenue £313.5m up 22.4% (2015: £256.2m) and up £12.8m, 5.0% on a like for like basis*1
.
• Gross profit of £102.6m up 30% (2015: £78.9m). • Adjusted*
• Group adjusted* • Adjusted*
operating profit of £17.1m up 37.7% on the prior
year, for the 52 week period, operating profit of £16.7m is up 34.7%, (2015: £12.4m) and up 15.7% on a like for like basis.
operating profit margin of 5.3% (2015: 4.8%). profit before tax of £16.0m up 40.8% (2015: £11.4m).
• Record capital investment of £12.1m to ensure long-term competitiveness (171% of depreciation).
• Strong growth in adjusted diluted EPS*2 per share (2015: 8.0p per share).
, up 19% to 9.5p
• Final dividend per share of 1.87p taking total dividend for the year to 2.80p up 12% (2015: 2.50p per share).
• Net debt of £19.7m equates to 0.8 times EBITDA of the Group. Net debt well within the long-term banking facility of £51m available to support current and future growth plans.
Strategic Highlights
• Foodservice channel 21.2% (2015: 14.0%) of total UK bakery sales, with 6 out of 8 sites now supplying into this channel including the launch of a new range of cakes. Revenue is up 5.3% on a like for like basis, well ahead of market growth.
• Successful integration of Fletchers Group and Johnstone's Foodservices (JFS) into the Group.
• Implementation of new Group-wide IT business system is underway.
Operational Highlights
• Investment in exciting new innovation for muffins and doughnuts.
• Investment in hot cross bun capacity and innovation led to a record number of hot cross buns produced for Easter.
• Innovation Centre now fully operational and delighting both customers and staff.
• Successful roll out of vision and values across all levels throughout the Group.
• JFS winner of Costa supplier of the year.
• Winner of Celebration Cake Business of the Year for 2016 at the Bakery Industry Awards.
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