Finsbury Food profits soar after gobbling up rival bakery chains

 
Kasmira Jefford
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Finsbury Foods is best known for making celebration cakes for the likes of Disney
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D and cake-maker Finsbury Food has posted a surge in full-year profits, boosted by its acquisition of rival baker Fletchers and Just Desserts.

The company, which supplies celebration cakes and other baked goods to retailers including Morrisons and M&S, posted a 6.1 per cent rise in like-for-like sales in the year to 27 June. Group revenue rose 45.8 per cent to £256.2m while pre-tax profits increased by 76 per cent to £11.4m.

“The past year has truly been transformational. Building on our organic growth, the acquisitions in the period have diversified the group into new channels and widened our customer base,” chief executive John Duffy said.