1 Finsbury Food Group Annual Report & Accounts 2017


Highlights


Achieving growth


The Company has delivered resilient UK sales in a deflationary market, with the impact of UK retail food market deflation in the period offset by the impact of innovation in cake and growth in speciality bakery ranges.


Highlights These figures are for the 52 weeks ended 1 July 2017 and 53 weeks ended 2 July 2016 unless stated otherwise.


Adjusted Operating Profit


(52 weeks) £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 Impact of 53rd week


Adjusted results from operating activities for 52 weeks


13,564


4,000 (200) 71


3,871


17,435 -


17,435 2017


(53 weeks) £000


12,791


4,290 (117) 134


4,307 17,098 (371)


16,727 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 Impact of 53rd week


Adjusted profit before tax for 52 weeks 2016 Adjusted Profit Before Tax


(52 weeks) £000


13,038


4,000 4


(555) 71


3,520


16,558 -


16,558 2017


(53 weeks) £000


11,804


4,290 31


(219) 134


4,236


16,040 (358)


15,682


Adjusted operating profit and profit before tax exclude significant 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.


Like for like growth is calculated using financial data for the prior year for a 52 week period. The 52 week period is calculated by eliminating the result for the 53rd week in the financial year ended 2 July 2016.


Adjusted diluted EPS has been calculated using earnings excluding the 53rd week in the prior year, amortisation of intangibles, significant non-recurring and other items as shown in the tables above. 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.


The Financial Review section within the Strategic Report provides further details on the adjusted profits. 2016

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