Finsbury Food gets boost from Mary Berry cakes

Cakes maker Finsbury Food Group is enjoying a sales boost from a new collection from baking queen Mary Berry, it said on Monday as it revealed rising profits despite grappling with a “full-on” set of cost pressures.

Finsbury chief John Duffy said that in the year ending July 1, the firm dealt with bigger costs because of the new UK national living wage and higher ingredients prices including for cocoa, fuelled by the weaker pound since the Brexit vote.

However, he added that previous investments in the business had paid off, and pre-tax profits rose to £13 million from £11.8 million. Like-for-like sales were flat at £314.3 million.

The manufacturer, known for its Disney cakes, called the results “resilient... in a deflationary market”, but Duffy said: “The business environment isn’t going to get any easier.”

The shares fell 1.35p to 100p.

Sales of the new collection from Mary Berry, which launched in the current financial year, are ahead of expectations.