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Finsbury Foods mulls over next year’s dividend as profits slump

The baker did not provide financial guidance due to continued market volatility

Finsbury Food Group - Finsbury Foods mulls over next year’s dividend but profits slump

Finsbury Foods Group Plc (LON:FIF) said it is considering whether to reinstate a dividend in the financial year 2021 but will make a decision once the outlook is more certain.

The baker said it is starting to see some positive monthly sales trends that hint at the beginnings of a recovery, though it is hard to forecast the pace of it due to continued market volatility.

At peak, the AIM-listed firm had furloughed 534 staff but this has now been reduced to 94 as of August 31.

In the year to June 27, revenue dipped 3% to £306mln but profit before tax slumped 79% to £2mln after writing down the Ultrapharm acquisition.

Shares dipped 1% to 56.46p on Monday at the opening bell.

--Adds shares--

Quick facts: Finsbury Food Group

Price: 56.8 GBX

Market: AIM
Market Cap: £74.06 m

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