74


Finsbury Food Group Annual Report and Accounts 2020


Notes to the Consolidated Financial Statements/Continued


2. 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 food service 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 food service 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 acquired business in UK Bakery and Overseas. For detail on the acquisition see Note 30.


Revenue


52 weeks to 27 June 2020 and 52 weeks to 29 June 2019 Total


2020 £000


271,414


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 impairment Significant non-recurring other 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 UK bakery


2019 £000


278,533


2020 £000


34,934 Overseas


2019 £000


36,748 Total Group


2020 £000


306,348


52 weeks to 27 June 2020 £000


271,414 34,934


306,348 13,162


1,777


14,939 (8,737) (1,594) 200


(73)


4,735 61


(1,928) (1,867) 2,868


(2,761) 107


2019 £000


315,281


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


The Group has three customers (2019: three) which individually account for 10 per cent or more of the Group’s total revenue. These customers individually account for 21 per cent, 12 per cent and 10 per cent. In the prior year these same three customers accounted for 20 per cent, 13 per cent and 10 per cent of the revenue in the 52 weeks to 29 June 2019. 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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