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Financial Highlights

Group PerformanceMeasures

Statutory Measures

Group Revenue
£ 356.8 m
up 13.9%
Adjusted EBITDA*1
£ 28.7 m
up 6.9%
Adjusted Operating Profit*1
£ 17.8 m
up 10.6%
Adjusted Profit*1 Before Tax
£ 17.0 m
up 12.1%
Adjusted Diluted EPS
10.1 p
up 17.4%
Capital Investment
£ 12.5 m
up 103%
Net Debt (excl leases)
£ 20.6 m
up 57.3%
£ 26.4 m
Operating Profit
£ 15.5 m
Profit before Tax
£ 14.3 m
Diluted EPS
7.9 p
Net Debt (incl. leases)
£ 29.6 m

*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 are provided 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 on the previous page 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 only

Chairman's Statement



Chairman's Statement

The Group delivered a record revenue figure for the full year ended 2 July 2022; this was achieved during a period of exceptional macroeconomic turbulence.

Peter Baker
Non-Executive Officer
23 September 2022

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Chief Executives Report



Chairman's Statement

The period under review was a year in which Finsbury had to navigate significant post-pandemic challenges.

John Duffy
Chief Executive Officer
23 September 2022

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Our Purpose

People love the high-quality products we make. They are essential parts of their daily lives and offer 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.

Operating Excellence


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

Cost Effectiveness


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

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.

Quality and Innovations


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

Sustainable Approach


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

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.

Strategy and Objectives

Our Purpose, Strategy and Operating Principles provide a vision and framework for strategic governance, creating value, sharing best practice and working effectively as a Group. Our Strategic Pillars help us create sustainable value for our shareholders, customers and other stakeholders.

Chairman's Statement


We invest in our people and our operating sites to form a strong foundation to underpin our strategy. We create innovative high-quality bakery products that anticipate key market trends and ensure that customer and consumer needs are at the heart of our decision making.


Our Group seeks to drive growth both organically and through acquisition, targeting both the retail grocery and out-of-home channels in the UK and Europe. We have developed a strong licensed brand portfolio to complement our core retailer brand relationships.


Our commitment to building a sustainable operating model is built on a holistic framework that puts our people’s development, engagement and health and wellbeing at the heart of our business. We strive to continually reduce our impact on the planet by investing in technology, expertise and driving shared ownership across our growth partners.