The cake, bread and morning goods manufacturer announced a second half 2008 adjusted pre-tax profit of £1.8m, down 45 per cent. The company reported that revenue was up 11 per cent to £92.1m, while sales of bread and free from products grew by 16 and 23 per cent, respectively.

“This has been an extremely challenging period for Finsbury, although sales revenues remain strong,” said the company.

Commenting on the results, Martin Lightbody, CE of the group, said: "It is encouraging to see that sales have remained strong and resilient despite the recessionary environment.

“We have focussed our investment and attention on further integration of our businesses and improving our facilities. Advancing the quality of our products and raising the standard of the service we provide to our customers is imperative, particularly in the current economic climate.”