1 Finsbury Food Group Annual Report & Accounts 2018


Strategic Report Highlights


The Group has achieved a stable and resilient trading performance, growing like for like sales and adjusted profit year on year, and reducing net debt. We have achieved this despite cost inflation and a volatile retail environment.


Highlights These figures are for the 52 weeks ended 30 June 2018 and 52 weeks ended 1 July 2017 unless stated otherwise.


Adjusted Operating Profit


2018 £000


Results from operating activities


Significant non-recurring items – SNR (refer to Note 4 for detail) Difference between defined benefit pension scheme charges and cash cost Movement in the fair value of foreign exchange contracts


Adjustments SNR and other items Adjusted results from operating activities 5,237


13,067 (411) (49)


12,607 17,844


2017 £000


13,564


4,000 (200) 71


3,871 17,435


Profit before tax


Significant non-recurring items – SNR (refer to Note 4 for detail) Difference between defined benefit pension scheme charges and cash cost Movement in the fair value of interest rate swaps Movement in the fair value of foreign exchange contracts


Adjustments SNR and other items Adjusted profit before tax


Adjusted Profit Before Tax


2018 £000


4,475 13,067


(134) (143) (49)


12,741 17,216


2017 £000


13,038


4,000 4


(555) 71


3,520 16,558


Adjusted operating profit and profit before tax exclude significant and non-recurring and other items as shown in the tables above and includes amortisation of intangibles. The adjusted operating profit 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.


Adjusted diluted EPS has been calculated using earnings, amortisation of intangibles, significant non-recurring and other items as shown in the tables above. Other than significant non-recurring items the adjustments to EPS reflect non-cash items including amortisation of intangibles, as in the opinion of the Board this will allow shareholders to gain a clearer understanding of the underlying trading performance of the Group.

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