5 Finsbury Food Group Annual Report & Accounts 2016


Trading Performance


Results for the full 53-week period ended 2 July 2016 are described in greater depth in the Strategic Report but there are a number of areas I would like to take this opportunity to highlight:


• 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


.


 up 40.8%, 52 week £15.7m up 37.6%, (2015: £11.4m) and up 17.1% on a like for like basis*1


.


• Increase in operating gross margin to 5.3% (2015: 4.8%) following record capital investment of £12.1m (2015: £7.4m) and operational initiatives.


• Strong growth in diluted adjusted*2 EPS,


up 19% to 9.5p per share (2015: 8.0p per share).


“We have demonstrated our ability to grow organically as well as by acquisition, which is important for the journey ahead.”


• Final dividend per share of 1.87p taking the total dividend for the year to 2.8p per share up 12% (2015: 2.5p per share).


• Net debt £19.7m (2015: £21.3m) equates to 0.8 times EBITDA of the Group.


• Foodservice 21.2% of total UK bakery sales up from 14.0% and up 5.3% on a like for like basis.


• Successful integration of Fletchers Group 


• Implementation of new Group-wide IT business system is underway.


 


 Kara branded cakes launched into Foodservice channel, investment in  capability and capacity.


• Successful roll out of company vision and values across all levels throughout the business.


• JFS winner of Costa supplier of the year.


• Winner of Celebration Cake Business of the Year for 2016 at the Bakery Industry Awards.


*1  for a 52 week period and only where there are comparative


  businesses. The 52 week period is calculated by eliminating the result for the 53rd week in the  


*2 Adjusted diluted EPS has been calculated using earnings excluding the 53rd week, amortisation of intangibles


    Comprehensive Income. The adjusted diluted EPS has been given as in the opinion of the Board this will allow shareholders to gain a clearer understanding of the trading performance of the Group.


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