Swallowfield PLC Trading Update and Notice of Results (7423D)
July 11 2016 - 2:00AM
UK Regulatory
TIDMSWL
RNS Number : 7423D
Swallowfield PLC
11 July 2016
Swallowfield plc
("Swallowfield" or the "Company")
Trading update
and
notice of results
Swallowfield plc, a market leader in the development,
formulation, and supply of personal care and beauty products, whose
customers include many of the world's leading brands, today
provides an update on trading for the 52 weeks ended on 25 June
2016.
Trading
The Board is pleased to announce that we anticipate full year
profitability will be towards the upper end of expectations.
Overall revenues for the full year are expected to show growth
of 10% (10.4% on a constant currency basis) to approximately
GBP54.4m. Revenues have been bolstered by the strong performance of
innovative new products introduced during the last financial year
and our developing 'owned brands' portfolio. This has also enabled
us to show strong year-on-year growth in contribution margin, as
well as to invest in commercial and technical resources to sustain
future growth.
Our balance sheet continued to strengthen with improved control
of working capital leading to a net debt position of GBP4.3m as at
25 June 2016, which is ahead of expectations, and compares
favourably to the prior year at GBP5.4m. This figure is after
absorbing growth related investments in capital equipment and
inventory to support our owned brands.
Strategic development
The acquisition of The Brand Architekts Ltd ("Brand Architekts")
was completed on 28 June 2016 and therefore had no impact on the
financial year just ended. Work has already started on
opportunities to accelerate the impressive growth of the acquired
business, as we bring the complementary capabilities and resources
of Swallowfield and Brand Architekts together. We are pleased to
report that initial feedback from key customers and suppliers has
been positive and supportive.
Notice of results
The Company expects to announce its results for the 52 weeks
ended 25 June 2016 on Tuesday 20 September 2016.
Chris How, Chief Executive of Swallowfield, commented:
"This has been a busy and successful year for the Group with the
continued execution of our stated strategy driving strong sales
growth and increased profitability.
Whilst we are mindful of the broader economic and political
environment as a result of the EU referendum, we are confident that
our clear strategy leaves us well placed to navigate any potential
macro uncertainty that may lie ahead. The growth momentum in our
core business along with our owned brands portfolio (now including
the brands from Brand Architekts) has given us a more balanced and
resilient business model going forward."
For further information, please contact:
Swallowfield plc
01823 662
Chris How Chief Executive Officer 241
01823 662
Mark Warren Group Finance Director 241
Nic Hellyer/ Jen 0207 496
Boorer/ Alex Price N+1 Singer 3000
Josh Royston /
Hilary Buchanan Alma PR 07780 901979
This information is provided by RNS
The company news service from the London Stock Exchange
END
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