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Finsbury Foods rises on stong full year numbers

Published: 03:04 18 Sep 2007 EDT

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Finsbury Food Group (AIM: FIF), which manufactures premium and
celebration cakes, low fat slices and specialty, organic and gluten free breads, announced preliminary results for the year ended 30 June 2007. Highlights included turnover up 50% to £109.8 million, profit before tax and exceptional items up 89% to £4.4 million and earnings per share up 39% to 9.8 pence. In light of the robust results, Finsbury said it would increase its dividend by 33% to 2 pence per share.

"I am delighted to be delivering a record set of results for the Group. The year to June 2007 has been a year of major transformation. We opened the year with annualised sales of around £90 million and our annualised sales for the year to June 2008 are now forecast to exceed £150 million, which makes us the
number two player in the UK cake industry." commented Dave Brooks, Chief Executive of Finsbury. "One of the key factors in our success over the last few years has been our clear strategy to focus on the premium end of our markets. This is where our innovation, consistent quality and service levels can add the most value to our
customers. As we continue to develop into a more significant Group, our passion and commitment to those premium objectives will not diminish.

Shares in Finsbury Foods rose 3% to 113.5 pence.

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