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Swallowfield PLC (BAR)

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Thursday 10 November, 2016

Swallowfield PLC

AGM Statement

RNS Number : 8625O
Swallowfield PLC
10 November 2016
 

Swallowfield plc

("Swallowfield" or the "Group")

 

AGM Statement

 

Swallowfield plc, a market leader in the development, formulation, and supply of personal care and beauty products, including its own portfolio of brands, will be holding its' Annual General Meeting at 12 noon today. At the meeting, Brendan Hynes, Non-Executive Chairman, will make the following statement:

"The Board is pleased to report that trading in the first four months of the year is in line with expectations.

In our manufacturing business, the successful delivery of significant new product launches for major brand owners will contribute strongly to our performance, particularly in the first half of our fiscal year. Further contract wins have been achieved, with both UK and European customers, which will start to contribute from the beginning of our next financial year.

In our branded business, we continue to be pleased with the performance and contribution from Brand Architekts, which was acquired at the end of June 2016.  In particular, volumes of the Christmas gifting ranges are ahead of previous years and we expect these to make a strong contribution to our first half year.

Bringing together the complementary capabilities and resources of the two businesses is progressing very well and we continue to be excited about the future growth possibilities that this presents.

In October 2016, we were delighted that our Real Shaving Company brand "sensitive shave gel" won best new product at the prestigious GQ grooming awards. This aerosol product is an example of how we can use our core expertise to add value to our brands.

We anticipate that profitability in the first half year will see a small benefit from the recent weakness of Sterling. Long-term we aim to self-hedge by broadly balancing dollar and euro sales to international customers with purchases in the same currencies. 

While we remain conscious of the continuing macro uncertainty both in the UK and internationally, we expect to maintain our positive momentum and are confident in the prospects for the year."

 

For further information please contact:


Swallowfield plc



Chris How

 Chief Executive Officer

 01823 662 241

Mark Warren

 Group Finance Director

 01823 662 241

Alex Price/

Jen Boorer

 N+1 Singer

 020 7496 3000

Josh Royston / Hilary Buchanan

 Alma PR

 020 8004 4218

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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