Finsbury Food Group (AIM: FIF) – positive pre-close and all going to plan
The leading UK speciality bakery manufacturer of cake, bread and morning goods for both the retail and foodservice channels, has reassured with its pre-close update.
Strong trading has continued in the second half and the Group will outperform “its” current EBITDA and profit expectations – one can assume those align with the broker’s expectations! Consensus estimates for the year ending June 2015 are for pre-tax profit of £10.4 and eps of 6.61p rising to 8.85p for 2016 suggesting a modest rating of 10x forward estimates. Total Company sales revenues grew to £256.2m, an increase of 45.8% on prior year. This includes organic growth of £10.7m, an increase of 6.1% versus prior year, primarily within Cake. The second half performance of the Company benefited from…