Zetar profits fall
UK confectionery, nut and dried fruit brand Zetar has reported a 73% fall in profits and is set to sell the loss-making Baked Snacks unit to focus resources on core business.
While the main reason for the company’s decline was the loss of UK retailer Woolworth’s, it cites high costs of raw materials, particularly nuts, as a factor in its significantly decreased profits. The cost of nuts were exacerbated by the fall in the value of the pound against other currencies since the summer of 2008, according to Ian Blackburn, Zetar’s chief executive.
Zetar had annual business worth £3.5 million with Woolworths and was owed almost £1 million by the retailer.
