Surviving Tough Economic Conditions Is Piece of Cake; Finsbury Reports 68% Profits Boost

Western Mail (Cardiff, Wales), September 24, 2008 | Go to article overview
Save to active project

Surviving Tough Economic Conditions Is Piece of Cake; Finsbury Reports 68% Profits Boost


Byline: Aled Blake Business Correspondent

PREMIUM and specialist cake and bread manufacturer Finsbury Food has reported an increase in profits of 68%in the last year.

The Cardiff-headquartered business said its pre-tax profit for 2009 was pounds 7.7m, up frompounds 4.6m the year before. Finsbury saw like-for-like sales across the group increase by 13% over the same period.

Earlier this month the company revealed that chief executive David Brooks would be standing down, with a pounds 300,000 pay-off.

He will be replaced by Martin Lightbody, group strategic development director, whowill take over as full-time chief executive from September 29.

Finsbury Food said it was planning to push through a third round of price increases in just over a year as it looks to combat continuing cost pressures.

Mr Lightbody said: "Challenges, such as the economic environment in which we are operating, bring opportunities.

Finsbury is in great shape to seize them.

"We have a great team managing our newly created three distinct divisions - cake, bread and free from - strong customer relationships and a market leading position in the UK cake industry. As the newly-appointed chief executive, I relish the opportunity of focusing on driving organic growth over the next 12 to 18 months."

David Marshall, the company chairman, said: "This has been a year which has seen the group continue its development against a much more challenging market environment.

"Against this, all our businesses experienced significant turnover growth. We have excellent innovation skills within our group, broad production capability and diversity in our product portfolio - all of which equip us well to deal with the challenges we face.

"The first 10 weeks of the year to June 2009 have seen the upward sales trend continuing.

The board is confident that we have a new team which can continue the good work of recent years."

Mr Brooks warned of a "challenging" time ahead for the industry, with exchange rates and rising commodity prices posing potential problems for the business.

But he said: "Challenging periods can also provide opportunities for businesses, particularly those which can be nimble and quick to react to the changes in consumer trends.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Surviving Tough Economic Conditions Is Piece of Cake; Finsbury Reports 68% Profits Boost
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?