Finsbury Food delivered a robust performance during H1/19A, with LFL sales growth of +0.5% YoY to £145.5m, improved adj operating margins, and an increase in the dividend. However, the challenging macro environment leads us to downgrade our numbers for FY19E and FY20E. Despite the headwinds, we believe Finsbury is well placed to manage cost pressures and deliver future growth by successfully identifying and producing products to meet changing customer demand. Sizable recent investments (eg new m ....