Ingredients:

4 ripe peaches pitted and each cut into 8 wedges
juice from 1 fresh lemon
2 tablespoons honey
1 tablespoon unsalted butter

For the cake:

Nonstick cooking spray

3/4 cup all purpose flour
1 teaspoon baking powder
Pinch of salt
¾ cup unsalted butter, room temperature
¾ cup granulated sugar
2 tablespoons grated lemon peel
4 large eggs
Powdered sugar, for dusting

Method:
To prepare the peaches:

Stir all the ingredients in a heavy-based large saucepan over high heat for 5 minutes or until the peaches soften slightly and the juices thicken. Transfer the peach mixture to a baking sheet and cool completely.
To make the cake:

Preheat the oven to 350°F. Spray a 9-inch springform cake pan with nonstick cooking spray. Line the bottom of the pan with parchment paper.

Whisk the flour, baking powder and salt in a medium bowl to blend. Set aside. Using an electric mixer, beat the butter, sugar, lemon peel in a large bowl until light and fluffy. Add the eggs one at a time, beating well after each addition before adding
the flour mixture and mix just until blended. Transfer the batter to the prepared cake pan. Arrange the peaches in a single layer atop the cake. The peaches will sink as the cake bakes, so it is not important that they be arranged decoratively atop the cake.

Bake for 10 minutes, then reduce the heat to 300°F and continue baking for a further 1 hour or until a small metal skewer comes out clean when inserted into the center of the cake and the cake is golden brown on top and beginning to pull away from the sides of the pan. Transfer the cake pan to a rack and cool for 30 minutes.
To serve:

Run a small sharp knife around the sides of the pan to loosen the cake from the pan. Remove the pan sides from the cake. Transfer the warm cake to a platter and dust with powdered sugar.