Finsbury adjusts to changes
1 min read
A year on from a management shake-up Finsbury Food Group, the number two player in the UK cake industry, said it had spent the past 12 months integrating the business to drive improvements in efficiency, quality and service and had adjusted its product ranges to meet the changing demands of the recessionary environment.
Announcing an 8% growth in revenue to £178.9 million and adjusted pre tax profits of £5 million for the year to 30 June, the group said it would now be making further management changes. Martin Lightbody who assumed the role of CEO following the departure of Dave Brooks at the end of September last year, is to become chairman while John Duffy who was recruited to strengthen the management team will become the new CEO.
Lightbody said: "Entering a full blown recession after a period of rapid input price inflation was not necessarily the ideal time to step into the CEO role. It has been a difficult year for our young group. The tough trading climate encouraged us to force the pace on internal integration whilst simultaneously adjusting product ranges, operating and sales strategies to meet consumers' changing buying habits. Finsbury has greater exposure to the higher unit cost premium, celebration and healthy sectors most impacted by cash strapped consumers.
The company said it believed trading conditions were unlikely to improve significantly in the short term with unemployment rising and a generally fragile economic operating environment. However, it went on to say that it had "probably weathered the worst part of the recession already and demonstrated the resilience of the food market and the group's businesses in doing so".
The group employs around 2500 people in Hamilton, Cardiff, Bathgate near Edinburgh, Hull and Salisbury.
