Finsbury Food Group (FIF)

Sector:

Food

Index:

FTSE AIM All-Share

77.00p
   
  • Change Today:
      1.50p
  • 52 Week High: 104.00
  • 52 Week Low: 51.20
  • Currency: UK Pounds
  • Shares Issued: 130.38m
  • Volume: 120,862
  • Market Cap: £100.40m
  • RiskGrade: 173

Finsbury Food H2 sales hit by Covid-19 crisis

By Michele Maatouk

Date: Wednesday 15 Jul 2020

LONDON (ShareCast) - (Sharecast News) - Speciality baker Finsbury Food reported a decline in second-half sales on Wednesday as it took a hit from the coronavirus outbreak.

In an update for the year to 27 June, the company said group revenues fell to £306.3m from £315.3m, with revenue in the core UK bakery division down 2.6% and overseas revenue 4.9% lower.

Finsbury said the first half was "strong", with revenues up 4.7% to £159.4m. However, the second half was dented by the virus outbreak, with sales down 9.8% to £146.9m.

"The second half was a combination of good momentum and strong trading in January and February in line with market expectations, followed by significantly weaker trading at the outbreak of the pandemic at the end of March and depressed but progressively improving sales through April, May and June (down 24%, 19% and 15% on last year respectively)," the company said.

Demand in the foodservice and food to go sectors - which accounted for around 20% of group revenue last year - reduced to almost nothing overnight after the implementation of lockdown measures in March, Finsbury said, before gradually recovering to 39% of prior-year levels in the fourth quarter.

The retail segment, which is the largest part of the group, remained "relatively resilient" although consumer shopping behavioural changes during lockdown did have an impact.

Meanwhile, sales of celebration cakes fell as people had less opportunity to celebrate with family and friends during lockdown, but demand for everyday products such as round cakes and buns and rolls increased.

Chief executive John Duffy said: "We continue to operate against a backdrop of heightened uncertainty and likely will for some time, but the group remains well-positioned to withstand the current situation, working collaboratively with large customers and global brand partners alike to ensure we anticipate and respond to future demand patterns and proactively develop products and ranges that fulfil those shifting consumer needs."





Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

FIF Market Data

Currency UK Pounds
Share Price 77.00p
Change Today 1.50p
% Change 1.99 %
52 Week High 104.00
52 Week Low 51.20
Volume 120,862
Shares Issued 130.38m
Market Cap £100.40m
RiskGrade 173

FIF Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
90.73% above the market average90.73% above the market average90.73% above the market average90.73% above the market average90.73% above the market average
92.86% above the sector average92.86% above the sector average92.86% above the sector average92.86% above the sector average92.86% above the sector average
Price Trend
1.84% below the market average1.84% below the market average1.84% below the market average1.84% below the market average1.84% below the market average
10.34% above the sector average10.34% above the sector average10.34% above the sector average10.34% above the sector average10.34% above the sector average
Income
35.06% above the market average35.06% above the market average35.06% above the market average35.06% above the market average35.06% above the market average
29.41% above the sector average29.41% above the sector average29.41% above the sector average29.41% above the sector average29.41% above the sector average
Growth
59.9% below the market average59.9% below the market average59.9% below the market average59.9% below the market average59.9% below the market average
79.31% below the sector average79.31% below the sector average79.31% below the sector average79.31% below the sector average79.31% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

FIF Dividends

  Latest Previous
  Interim Final
Ex-Div n/a 21-Nov-19
Paid n/a 23-Dec-19
Amount 0.000p 2.34p

Trades for 30-Nov-2020

Time Volume / Share Price
16:25 10,000 @ 76.00p
14:58 500 @ 76.40p
14:48 510 @ 77.50p
14:08 870 @ 77.50p
13:54 103 @ 77.50p

FIF Key Personnel

CEO John Duffy

Top of Page