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LONDON (Alliance News) - Personal care and beauty products maker Creightons PLC Monday posted higher profits and revenues for its last financial year, growth it said was driven by new product ranges and new customer listings for existing ranges.
Creightons reported a pretax profit of GBP471,000 for the year ended March 31, up from a GBP302,000 profit the prior year, which it said was driven by a 12% increase in revenues.
Revenues in the year rose to GBP19.4 million, up from GBP17.3 million a year earlier, boosted by strong growth in sales volumes from a combination of its own UK branded ranges, private label and contract manufacturing.
The company gave a cautious outlook for the year ahead, as it said it will continue to manage cost pressure through managing customer prices, product re-engineering and enhancing its product portfolio with higher margin products. It said it intends to exploit its lower priced products to offset lower sales levels on higher priced products.
"Our private label ranges have faced increased price and promotion pressure from the big brands and the growth of the value market, which has eroded their market share and adversely affected sales volumes," said Chairman William McIlroy in a statement.
The company did not to declare a dividend for the year just ended.
"Although we have seen a further increase in annual profits, it feels that it continues to be more appropriate to retain profits to help fund the continued investment in growth than to reduce available funds through dividend distribution," said McIlroy.
During the year, the group completed the sale of its stake in one of its partner brands, Twisted Sista, the proceeds of which it said it will use to invest in the development of new ranges.
Creightons shares were up 0.5% at 5.20 pence Monday early afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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