46 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 39.
Dividend The Coronavirus crisis has had a profound impact on the economy and heightened uncertainty around future economic recovery, therefore the Board took the decision as announced on 29 March 2020, to withdraw its proposed interim dividend. While the Board remains committed to the payment of dividends, it believes it is prudent to conserve the Group’s cash at this time of heightened instability. The Board will assess the Group’s cash position and the outlook for the business at time of the full year results, and will adjust its approach to the final dividend accordingly. It is the Company’s intention to pay dividends at an affordable rate so that the Company can continue to invest in the business in order to grow profits.
Directors and their Interests in the Company The Directors and brief biographies are detailed on pages 44 and 45.
In accordance with the Articles of Association, Stephen Boyd and Raymond Duignan 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 27 June 2020 and 29 June 2019 are set out below: Ordinary Shares
27 June 2020 P Baker
R Beveridge S A Boyd J G Duffy M Millard
96,817 14,000
1,095,543 2,443,679 9,366
29 June 2019
96,817 14,000
1,095,543 2,443,679 9,366
Details of Directors’ share options are set out in Note 6 to the Financial Statements. There has been no change to the Directors’ share interests since 27 June 2020.
Details of the emoluments of the Directors are given in Note 6 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 2020: Number of shares % shareholding
Ruffer (London)
FIL Investment International (London) Investec Wealth & Investment (RS) (London) Canaccord Genuity Wealth Mgt (London) Premier Miton Asset Mgt (London)
London Finance & Investment Group (London) Hargreaves Lansdown Asset Mgt (Bristol)
Research and Development Research and development (R&D) expenditure is expensed in the year in which it is incurred.
25,772,674 13,123,829 11,590,894 10,194,522 9,446,639 6,000,000 4,202,315
19.8 10.1 8.9 7.8 7.2 4.6 3.2
Finsbury Food Group Annual Report and Accounts 2020
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