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35 Finsbury Food Group Annual Report & Accounts 2019


Directors’ Report


Background


The Group is a speciality bakery group which is focused on premium, celebration and well-being products. These products are supplied both under the retailers’ own brands and through a number of licensed brands to which the Group has access.


A review of the activities and any likely future developments in the business of the Group is given in the Chairman’s Statement, Chief Executive’s Report and the Strategic Report on pages 1 to 26.


Dividend An interim dividend for the six months to 29 December 2018 of 1.16p per share was paid on 26 April 2019 to shareholders on the register at the close of business on 5 April 2019. Subject to shareholder approval at the Company’s AGM on 20 November 2019, the final dividend of 2.34 pence per share will be paid on 23 December 2019 to all shareholders on the register at 22 November 2019.


Directors and their Interests in the Company


The Directors and brief biographies are detailed on pages 33 and 34. Zoe Morgan, an independent Non-Executive Director, stepped down from the Board on 1 July 2019.


In accordance with the Articles of Association, Marnie Millard and Bob Beveridge retire by rotation and being eligible offer themselves for re-election at the Company’s forthcoming AGM. The beneficial interests of the Directors in the Ordinary Shares of the Company on 29 June 2019 and 30 June 2018 are set out below:


Ordinary Shares P Baker


R Beveridge S A Boyd J G Duffy M Millard Z Morgan


29 June 2019


96,817 14,000


1,095,543 2,443,679 9,366


70,028 30 June 2018


86,000 -


1,065,543 2,343,679 9,366


70,028


Details of Directors’ share options are set out in Note 7 to the Financial Statements. There has been no change to the Directors’ share interests since 29 June 2019.


Details of the emoluments of the Directors are given in Note 7 to the Financial Statements.


Share Capital Details of the changes in the share capital of the Company during the year are set out in Note 25 to the Financial Statements.


Substantial Interests The following substantial interests (3 percent or more) in the Company’s issued share capital have been notified to the Company as at 28 August 2019: Number of shares % shareholding


Ruffer (London)


Investec Wealth & Investment (RS) (London) Canaccord Genuity Wealth Mgt (London) Polar Capital (London) Miton Asset Mgt (London)


FIL Investment International (London) London Finance & Investment Group (London)


Research and Development Research and development (R&D) expenditure is expensed in the year in which it is incurred.


Directors and Officers’ Liability Insurance The Company maintains a Directors and Officers liability insurance policy.


Financial Instruments


The Group’s financial instruments comprise a revolving credit facility, cash and liquid resources, and various items arising directly from its operations, such as trade creditors. The main purpose of these financial instruments is to finance the Group’s acquisitions and operations. It is the Group’s policy that no trading in financial instruments shall be undertaken.


22,506,605 11,661,414 11,541,798 8,313,914 7,522,108 7,061,994 6,000,000


17.3% 8.9% 8.9% 6.4% 5.8% 5.4% 4.6%


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