Finsbury sees investments hit profit line

first_imgFinsbury Foods’ profit has taken a severe hit, with adjusted pre-tax profit down 45% to £1.8m for the six months to 31 December 2008. Pre-tax profit stood at £0.2m compared to £1.6m in 2008, despite increasing sales in its bread and free-from divisions.The cakes, breads and morning goods manufacturer saw revenue rise by 11% to £92.1m. But “significantly increased” investment in promotional support for customers and consumers as well as additional investment in the integration of its cake division have impacted profits.The company’s cake division experienced a 4% rise in sales on last year’s figures, and its breads and free-from divisions saw like-for-like sales up 16% and 23% respectively. Martin Lightbody, chief executive, said: “It is encouraging to see sales have remained resilient, despite the recessionary environment. We have focused our investment on further integration of our businesses and impro- ving our facilities.”The firm also saw extra distribution and utility costs of £1.2m over the period.last_img