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Advanced Medical Solutions – Strong Year of Growth
Preliminary results for Paysafe (PAYS) for the year to 31st December are slightly ahead of expectations and the CEO and President is bubbling over with excitement and self praise. he is “incredibly pleased” with what was a tremendous year and is very excited about prospects for the future. Revenue rose by 68%, adjusted EBITDA by 77% and profit after tax by 60%. Statutory profit after tax however collapsed by 87% following acquisition costs and net debt surged nearly twenty fold from £22.9m.to £431.3m. although this figure is said to be not meaningful. The positive momentum which so excites the President has continued into 2016.
Advanced Medical Solutions (AMS) continues to make up for all those years of waiting whilst its new products were developed and eventually licenced. The final dividend for 2015 is to be increased by 14% after a rise of 9% in revenue, 12% in profit before tax and 10% in diluted earnings per share. Net cash increased by 98% to £34.2m. AMS made good sales progress on all business fronts, with a strong year of growth, especially in the US where market share is being increased by the success of Liquiband tissue adhesives.
Finsbury Foods (FIF) is increasing its interim dividend by 12% to 0.93p for the 26 weeks to 26th December after a strong first half performance saw like for like profit before tax rise by 22% and like for like revenue by 7.4%. Total revenue, including revenue from acquisitions was up by 84%. FIF expects to flourish in what it sees as the new era of increasing consumer confidence.
Surgical Innovations (SUN) produced significantly improved results for 2015 and with its new board and management in place, both manufacturing and operational costs were reduced and the inventory was slashed by nearly 60%. Margins also improved and revenue for the year rose by 36%. An EBITDA loss from 2014 of 0.05m was turned into a positive 0.24m in 2015 and net debt fell by 30% to £2.26m. The improvement in performance has continued into 2016.
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FINSBURY FOODS – FIVE YEARS & FIVE FOLD GROWTH
Finsbury Food Group (FIF) was a comparatively small specialist baker with a reputation for having spoilt a full years results by putting too much chocolate in its cakes over one Christmas a few years ago. Now it is a major presence in the baking industry with the acquisition of Fletchers bakery in October 2014 and Johnstones in June 2015 making it one of the largest specialist bakers in the UK.
The share price has also changed beyond all recognition.From 20p in the middle of 2011 it almost quadrupled to reach 74.6p just over two years later and it looked like the company which had always been full of promise but never really delivered, may at last be doing so. Then 2014 was a flat year with the share price sliding back to 58p by the start of 2015, after which it never looked back, rising to 107p by mid November.
A trading update issued on the 25th Novermber showed that like for like sales for the first four months of the current year were up by10.1% and that the integration of the newly acquired companies was going well.
Christmas saw a strong trading performance which continued into January with sales up by 46%, European sales up by 18.8% and overall like for like growth of 7.4%. Fletchers had produced a particularly strong performance.
The share price is now at 108p, with a price earnings ratio of 18.62 and yielding 2.3%. With more than a fivefold increase over the past 5 years it has grown steadily rather than spectacularly but to any investor that is a very acceptable return.
The interims are due on the 16th March.
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Finsbury Foods FIF – Dividends Tripled Over 2 Years
Finsbury Food Group had a longish history of never quite fulfilling its promise, until at last the promise started showing signs of becoming reality in 2013-14. In addition to its speciality and organic breads, it is the UK’s number 1 supplier of premium cakes and has a 20% share of the UK pre packed cake market. It produces over 15 million hot cross buns annually, every one of them crossed and glazed by hand.
The share price went nowhere until 2012 when it nearly doubled from 23p to 45p. By late 2013 it had risen to 78p before falling back to 45p in early 2014. Since then it has been on a bit of a roll (not hand glazed) and peaked last week at 107p. before falling back to its present 95p.
Last weeks preliminary results showed revenue up by 45.8% to 256m. and profit before tax up by 76% to 11.4m. The final dividend at 1.67p per share made a total annual dividend of 2.5p – a spectacular rise of 250% from the previous years 1p, itself a 33% rise on 2013’s 0.75p.
A company which can more than triple its dividend over 2 years obviously has something going for it. Part of the secret may lie in the acquisition of Fletchers which helped to turn it from a specialist baker into a more diverse bakery group. This year it has won the Bakery Manufacturer of the Year Award which is an improvement on a few years back when it set on a lot of Christmas temps to put chocolate on cakes but forgot to train them as to how much chocolate to use per cake. The result was a financial disaster and a ruinous set of half year results.
Those days are long gone and the new management which followed led the company through difficult times turned it round and helped to make it the success which it is today.
The fall in the share price since last weeks results could create an opportunity to get in below the recent peak.
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