61 Finsbury Food Group Annual Report & Accounts 2019
Notes to the Consolidated Financial Statements
3. Revenue and Segment Information
Operating segments are identified on the basis of the internal reporting and decision making. The Group’s Chief Operating Decision Maker is deemed to be the Board as it is primarily responsible for the allocation of resources to segments and the assessment of performance by segment. The Board assesses profit performance principally through adjusted profit measures consistent with those disclosed in the Annual Report and Accounts.
The UK bakery segment manufactures and sells bakery products to UK grocery and foodservice sectors. It comprises six subsidiaries all of which manufacture and supply food products through the channels described above. These subsidiaries have been aggregated into one reportable segment as they share similar economic characteristics. The economic indicators considered are the nature of the products and production process, the type and class of customer, the method of distribution and the regulatory environment.
The Overseas segment procures and sells bakery products to European grocery and foodservice sectors. It comprises Lightbody Europe and Ultraeuropa. Ultraeuropa has manufacturing facilities in Poland where it manufactures and sells Free From bakery products into the European markets.
The Company acquired Ultrapharm on 3 September 2018, the prior year financial results include those relating to the closed bakeries, the table below shows the acquired revenue net of inter-company sales and the like for like revenue.
Revenue
52 weeks to 29 June 2019 and 52 weeks to 30 June 2018 Total
From acquired business From closed business Like for like
Reportable Segments Revenue UK bakery Revenue Overseas Total revenue
Adjusted operating profit UK bakery Adjusted operating profit Overseas Total adjusted operating profit
Significant non-recurring and other items Defined Benefit Pension Scheme Fair value foreign exchange contracts Operating profit Finance income Finance expense Net finance cost
Profit before taxation Taxation
Profit for the financial year
2019 £000
278,533 8,239 336
269,958 UK bakery
2018 £000
271,127 -
13,354 257,773
2019 £000
36,748 4,867 -
31,881 Overseas
2018 £000
32,473 - -
32,473 Total Group
2019 £000
315,281 13,106 336
301,839
52 weeks to 29 June 2019 £000
278,533 36,748
315,281 14,180
2,653
16,833 (1,200) (162) (178)
15,293 77
(1,794) (1,717) 13,576 (3,283) 10,293
2018 £000
303,600 -
13,354 290,246
52 weeks to 30 June 2018 £000
271,127 32,473
303,600 15,496
2,348 17,844
(13,067) 411 49
5,237 167
(929) (762)
4,475
(1,311) 3,164
The Group has three customers (2018: three) which individually account for 10 percent or more of the Group’s total revenue. These customers individually account for 19 percent, 12 percent and 10 percent. In the prior year these same three customers accounted for 20 percent, 13 percent and 10 percent of the revenue in the 52 weeks to 30 June 2018. In addition to the Europe sales disclosed in Reportable Segments, the Group also made sales to European markets through UK-based organisations.
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