Glisten revenues increase marginally
UK confectionery and snack company Glisten has reported that revenues are up 1% to £74.4m from £73.8m. Profit before tax was down 49% though some divisions performed strongly.
Commenting on the results, Paul Simmonds, chief executive of Glisten, says,
“Although our results for the year are below our original forecasts, we have made good progress this year. We have had a good start to the new financial year with like-for-like sales ahead 13% after 17 weeks of the year.”
Principal activities of Glisten are the manufacture of fruit snack bars and health bars as well as organic and natural snacks, and premium confectionery. The company also manufactures specialised coatings for the broader food industry, particularly European ice-cream and bakery manufacturers.
Jeremy Hamer announced that he is stepping down as chairman of Glisten in December after seven years. Hamer notes, “We will be announcing my successor once details of the appointment have been finalised.”
Confectionery divisional sales were £30.3m with operating profits reduced to £2.3m from £2.8m in 2008. This reduced profit performance in consumer confectionery resulted from removal of an underperforming supply agreement with a major retailer, recessionary pressure on the smaller/independent retailers and distributors as well as increased promotional activity and sustained price reductions from the major confectionery brands.
These downward pressures were somewhat mitigated by a very good performance in the industrial confectionery inclusions market where Nimbus Foods achieved record performance, principally driven by exports of new products to continental Europe and new breakthroughs in the UK desserts marketplace.
Within consumer confectionery 2009 saw a marked shift in business away from chocolate in favour of sugar-based confectionery where sales of natural fruit gums/jellies and toffees grew strongly.