Finsbury Food Group mindful of impact if lockdown is tightened
Finsbury Food Group could see orders from hospitality businesses fall if a potential second lockdown happens.
The cake maker’s chief executive John Duffy cautioned the company is mindful of demand for products potentially reducing in the event pubs and restaurants have to close or restrict opening hours.
There are concerns in the hospitality sector that new or tighter lockdown rules may be announced.
As well as having its goods sold in supermarkets, Finsbury Food Group is used by wholesalers that supply restaurants and bars.
The firm added that it has been encouraged by sales improving month on month at the start of the financial year, a positive start after Covid-19 disruption contributed to revenues dropping to £306.3 million from £315.3 million in the year to June 27.
Duffy said: “There will inevitably be further obstacles to overcome as the pandemic plays out and with Brexit approaching, but there is a sense of cautious optimism in the business, and we are confident that by continuing to manage the business in a disciplined and pragmatic way, we will emerge a stronger, more streamlined and efficient organisation capable of delivering sustainable growth and healthy returns for shareholders.”