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Finsbury Food Group has reported a rise in annual revenue amid ongoing inflation and macroeconomic uncertainty. The Cardiff-headquartered firm, which specialises in bakery manufacturer of cake, bread and morning goods for the retail and foodservice channels, announced a rise in group annual revenue of 16%, with total group sales reaching £413.7m.

In a trading update for the year ending July 1, 2023, the company said it had seen a “stable performance” in ������Ƶ retail while ������Ƶ foodservice continued to recover. It also reported continued growth in its overseas division. The group delivered a strong second half performance, with revenues up 17.1%.

Finsbury’s core ������Ƶ Bakery division, which is headquartered in Cardiff with manufacturing sites in Pontypool, East Kilbride, Hamilton, Salisbury, Sheffield, and Manchester, reported a sales increase of 14.5%. This included recovery in foodservice, up 25.1% and an increase in its overseas division (up 25%).

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Finsbury Food said it successfully navigated cost inflation through changes to commercial terms and operating improvements, but this will need to remain a focus in the year ahead. The company will release its full annual results on September 26.

John Duffy, chief executive of Finsbury Food Group, said: "The record revenue performance, which is in line with market expectations, that we have delivered this year is testament to the ongoing demand for our products and the resilience and determination of the business. Across the group, we have seen a stable performance in ������Ƶ retail, ongoing recovery in ������Ƶ foodservice and continued growth in our overseas division. I would like to thank the whole Finsbury team for their hard work and dedication during what has been a testing year.

“Whilst the challenges that we have faced over the past few years have been significant, and are likely to remain in the short-term, Finsbury has proven itself to be an adaptable and resilient business. We continue to make good progress against our objectives, based around our three strategic pillars of excellence, growth and responsibility and underpinned by our operatingpPrinciples, and we remain well placed to deliver on our long-term growth ambitions."