Contents

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Financial Highlights

Group Performance
Measures
(excluding IFRS 16)

Group Performance
Measures
(including IFRS 16)

Statutory
Measures

Group Revenue
£ 306.3 m
down 2.8%
Adjusted EBITDA*1
£ 24.4 m
down 4.4%
Adjusted Operating Profit1
£ 14.8 m
down 11.9%
Adjusted Operating Profit*1 Before Tax
£ 13.9 m
down 12.9%
Adjusted EPS
7.9 p
down 15.1%
Capital Investment
£ 4.7 m
down 57.3%
Net Bank Debt
£ 26.5 m
down 25.6%
*2
Adjusted EBITDA*1
£ 26.2 m
up 2.8%
Adjusted Operating Profit*1
£ 14.9 m
down 11.3%
Adjusted Operating Profit*1 before Tax
£ 13.7 m
down 13.8%
Adjusted EPS
8.0 p
down 14.0%
*2
Net Debt (incl leases)
£ 38.3 m
up 7.6%
*2
EBITDA
£ 16.0 m
down
Operating Profit
£ 4.7 m
down
Profit before Tax
£ 2.9 m
down
Basic EPS
(0.6) p
down
*2
Net Debt (incl leases)
£ 38.3 m
down
*1 The Group uses Alternative Performance Measures (APMs) which are non-IFRS measures to monitor performance of its operations and of the Group as a whole. These APMs along with their definitions and reconciliations to IFRS measures are provided in the Adjusted EBITDA, operating profit and profit before tax tables on the previous page and the tables in the Financial Review Section. APMs are disclosed as, in the opinion of the Board, this will allow shareholders to gain a clearer understanding of the trading performance of the Group.

Adjusted EPS has been calculated using profit, excluding amortisation of intangibles, significant non-recurring and other items as shown in the tables above net of associated taxation. In the opinion of the Board, the adjustments made will allow shareholders to gain a clearer understanding of the trading performance of the Group.

*2 Measures that do not vary are shown in the first column onl

Chairman's Statement

Chairman's Statement

It is important the pandemic does not overshadow the significant operational progress the Company has continued to make, which will stand it in good stead to deliver on its longer-term growth ambitions.


Peter Baker
Non-Executive Officer
18 September 2020


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Chief Executive's Report

Chairman's Statement

I am pleased with how the business has coped, really illustrating the strength of our group and commitment of our teams. A crisis tells us a lot about ourselves, and I believe we have responded brilliantly.

John Duffy Chief Executive Officer
18 September 2020


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Our Purpose

People love the high-quality products we make. They are essential parts of their daily lives and enjoyable treats and choices for every occasion. So we are committed to building the leading speciality bakery group – because baking brilliance makes every day special.

Our Purpose video Play

Our Operating Principles

To achieve baking brilliance, we have to constantly raise standards and work effectively as a Group. The Finsbury Operating Principles are a set of practical commitments and guidelines for how we run our business, and which bring our strategy to life in our day-to-day work.

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1. Operating Excellence

We continually invest in our bakeries to improve our efficiency and customer satisfaction.

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2. Sustainable Approach

We optimise our use of resources and focus on reducing waste throughout our supply chain and in our bakeries.

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3. Quality and Innovations

Our innovative, high-quality bakery products reflect changing customer needs and anticipate key market trends.

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4. Cost Effectiveness

We maintain strict cost controls without compromising quality, streamlining our processes from sourcing to delivery.

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5. Growth With Our Partners

Through long-term relationships with our customers and suppliers, and an understanding of their needs, we can all enjoy profitable growth.

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6. People Who Care

We invest in our people, who take personal pride in their contribution to our success, and are strong advocates of our business and products.

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Our Business Model

Our vision is to be a leading speciality bakery group, producing a broad range of high-quality products targeted at growing channels and market niches, and which deliver growth and differentiation for our customers while fulfilling the needs of end consumers.

The Resources
we employ
Operating Principles
in action
Creating value
 
clear