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Trading Statement

27 Jun 2013 13:36

RNS Number : 0294I
Swallowfield PLC
27 June 2013
 

Swallowfield plc

("Swallowfield" or the "Company")

 

Trading Update

 

Swallowfield plc, the leading cosmetics, toiletries and household goods group, announces the following pre close trading update for the 52 weeks ending 22 June 2013:

 

The industry continues to be affected by weak consumer demand particularly in UK and European markets. Additionally, Swallowfield is in the process of reducing its historical dependency on a few larger customers by securing new customers and launching new products, the exact timing of which is difficult to predict.

 

As a result of both of these factors, we now expect full year revenue to be marginally below current market forecasts for 2013, with some of this revenue shortfall moving into the new fiscal year.

 

We have already taken strong action to reduce costs, improve efficiencies and tightly control working capital. These actions have resulted in the business returning to profitability in the second half year, but this recovery in profitability will not be as strong as originally anticipated. However, working capital will be below previous estimates and we anticipate that our net debt position at the end of the year will also be lower than previously advised.

 

Outlook

 

The cost savings and efficiency improvements that the Company has already implemented have come through in line with expectations in the second half and will deliver a positive full year impact in the next financial year. The outlook for fiscal 2014 therefore remains unchanged.

 

The full year results will be announced to the market on the 19th September 2013.

 

For further information please contact:

Swallowfield plc

Ian Mackinnon, Chief Executive Officer 01823 662 241

Mark Warren, Group Finance Director 01823 662 241

 

Shaun Dobson/Jenny Wyllie N+1 Singer 0207 496 3000

Alan Bulmer Investor Focus International 07831 654744

Chris Lawrance JBP Public Relations 0117 907 3400

 

Notes to Editors:

Swallowfield plc is a market leader in the development, formulation and supply of cosmetics, toiletries and related household products to the own label and branded sectors. We pride ourselves on being a customer orientated, innovative, flexible and responsive company and combine high quality, competitive products with strong customer service - developing close partnerships with our customers and an in depth knowledge of their requirements.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
TSTSEDFEWFDSEDM
Date   Source Headline
31st Jan 20077:01 amRNSTrading Statement
22nd Dec 200610:17 amRNSHolding(s) in Company
19th Dec 20067:00 amRNSAIM Notice 25
2nd Nov 20063:00 pmRNSAGM Statement
19th Sep 20067:00 amRNSDirector/PDMR Shareholding
18th Sep 20061:55 pmRNSHolding(s) in Company
14th Sep 20067:02 amRNSFinal Results
1st Aug 20067:02 amRNSChange of Adviser
19th Jun 20069:48 amRNSHolding(s) in Company
9th Jun 200611:31 amRNSHolding(s) in Company
6th Jun 200611:42 amRNSHolding(s) in Company
23rd May 200611:47 amRNSHolding(s) in Company
9th May 20068:00 amRNSCancellation
8th May 20062:47 pmRNSHolding(s) in Company
8th May 20067:00 amRNSDirectorate Change
5th May 20061:47 pmRNSHolding(s) in Company
5th Apr 20062:59 pmRNSSch 1 - Swallowfield plc
5th Apr 200612:27 pmRNSEGM Statement
4th Apr 200611:30 amRNSHolding(s) in Company
3rd Apr 200610:45 amRNSTrading Statement
13th Mar 20062:35 pmRNSCirc re. convening an EGM
13th Mar 20067:01 amRNSInterim Results
3rd Feb 20069:30 amRNSDirectorate Change
3rd Jan 200611:27 amRNSHolding(s) in Company
3rd Jan 200610:19 amRNSDirectorate Change
20th Dec 20057:00 amRNSTrading Statement
24th Oct 20053:15 pmRNSAGM Statement
19th Sep 200512:16 pmRNSFinal Results
11th Jul 20057:00 amRNSTrading Statement
20th Apr 20059:24 amRNSTrading Statement
29th Mar 200510:31 amRNSTrading Statement
24th Feb 20057:00 amRNSInterim Results
22nd Feb 200510:00 amRNSNotice of Results
13th Jan 20053:10 pmRNSHolding(s) in Company
7th Jan 20053:53 pmRNSHolding(s) in Company

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