LONDON (Alliance News) - Swallowfield PLC on Monday said profit in its recently-ended financial year will be towards the upper end of expectations and said it is well-placed to mitigate any uncertainty arising from the EU referendum result.
The personal care and beauty products provider said revenue in the year ended June 25 is expected to show year-on-year growth of 10% to GBP54.4 million, bolstered by a strong performance of new products introduced during the year and its developing 'owned brands' portfolio.
Swallowfield said this enabled it to achieve strong year-on-year growth in contribution margin, as well as to invest in commercial and technical resources to sustain future growth.
The company added that a reduction in net debt to GBP4.3 million from GBP5.4 million was also ahead of expectations, and that initial feedback from customers following its acquisition of the Brand Architekts in June has been positive.
Swallowfield will release its annual results on September 20.
"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," Chief Executive Chris How said in a statement.
"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," How added.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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