Rising costs at Finsbury Foods
PRICE rises on key ingredients including butter and chocolate continue to put pressure on margins, food group Finsbury admitted yesterday.
The company, which owns Hamilton-based cake manufacturer Lightbody, said a focus on efficiencies had helped mitigate the increases and it expects to report first-half profits in line with market expectations.
Chief executive John Duffy said: “Whilst the trading environment remains tough in the short term, our low level of debt and interest cost allows us to make significant investment in our factories and businesses for the future.
“In a transitional year following the sale of the fast-growing ‘Free From’ division and consequent group restructuring and capital investment, I am pleased with the progress made.”
Shares closed down 3.25p at 51.5p.