20 Finsbury Food Group Annual Report & Accounts 2016


Strategic Report


Earnings Per Share (EPS)


  focused on growing adjusted diluted EPS, which is calculated by eliminating the impact of the  of share options. Adjusted diluted EPS is 9.5p for the 52 week period (2015: 8.0p).


52 week 2016


Basic EPS Adjusted* basic EPS Diluted** basic EPS 





 Indicators


 indicators are monitored at site level covering, amongst others, customer service, quality and health and safety. The Group Board receives an overview of these on a regular basis.


Prior Year Acquisitions


On 30 October 2014 the Group acquired the Fletchers Group of Bakeries (‘Fletchers’) for £56 million, funded in part by an oversubscribed equity raise of £35 million. The remainder was funded through debt. The acquisition brought opportunities in new foodservice channels, retail   UK bakery business and the Group.


On 26 May 2015 the Group acquired 25% of  Dr Zak’s develops and supplies high protein food including bread, pasta and bagels.


On 16 June 2015 the Group acquired the business, production assets, stock and customer  out of administration. This acquisition signalled the escalation of Finsbury’s entry into the foodservice cake channel and in particular  This is in line with the Group’s channel  acquisition of Fletchers.


Cash Flow


There was an increase in our working capital requirement of £3.9 million compared to the   (2015: £1.2 million), the payments in the current and prior year took account of the research and development tax relief due to the Group and tax losses being utilised. Capital expenditure in the year amounted to £12.1 million (2015: £7.4 million).


Debt and Bank Facilities


The Group’s total net debt including deferred consideration payable is £19.7 million (2015: £21.3 million) down £1.6 million from the prior year. Within this total, £10.9 million is due within one year, including cash at bank and invoice 


The Group’s debt facility is a bilateral facility  £50.9m, the key features of the facility are as follows:


• Overdraft (£2.0m) • Term loan (£13.4m)


•  (£22.0m)


• Mortgage facility (£3.5m) •  • Revolving credit facility (£8.0m)


Note 20 gives details of the amounts drawn on these facilities and maturity dates.


5.9p 9.6p 5.8p 


52 week 2015


5.8p 8.3p 5.6p 


52 week 2014


6.7p 6.9p 6.3p 


  amortisation of intangibles. Further details can be found in Note 10.


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