Swallowfield boosts operating profit 180%, appoints new finance director
UK-based personal care and beauty products group Swallowfield announced on Tuesday that it had grown both full-year profits and revenue.
In its trading report for the full year ended 24 June, Swallowfield said its pre-tax profits rose to £3.1m over the year against the £2.3m it had posted just twelve months earlier, thanks to a 36% rise in revenue to £74.3m.
The AIM-listed firm also noted that its 2016 acquisition of The Brand Architekts gave revenue a significant boost.
"We continue to make good progress against our clear strategic priorities and the completion of the transformational acquisition of The Brand Architekts during the year will ensure that Swallowfield continues to be well positioned for the future," non-executive chairman Brendan Hynes said.
EBITDA after exceptional operating items rose to £4.82m from £3.69m in the previous year thanks to the heightened revenue.
Adjusted earnings per share increased 40% year-on-year to 17.7p.
Net debt fell £700,000 to £3.6m as cash and equivalents ballooned out to £4.05m from just £798,000 at the same time in 2016.
In a separate update, Swallowfield announced that finance director Mark Warren had retired after eight years with the firm and would be replaced by Matthew Gazzard, formerly of Thatchers Cider.
Chief executive Chris How, added, "The acquisition of The Brand Architekts has delivered fully against our expectations and has been integrated smoothly and effectively into the Group. In our manufacturing business, continued focus on innovation, quality and service has enabled it to perform solidly in its own right, as well as provide important support to the growth of our owned brands."
As of 1455 BST, shares had leapt ahead 17.04% to 327.70p.