Niche confectionery manufacturer, Glisten, has revealed that its turnover for the last quarter increased by 5 per cent, strengthening its plans for further product launches later this year.
At the company's annual general meeting, held in Blackburn UK today, chairm Jeremy Hamer said he was pleased about the acquisition of the Sunya business £1,080,000 (€1.4m). Sunya manufactures chocolate confectionery, such as foiled and 'netted' chocolate balls, seasonal products for the retail sector and gift trade, and chocolate buttons. Clients currently include many of the UK's major multiple chains.
"Whilst being a significant and immediate 'bolt-on' to the Glisten chocolateconfectionery range, Sunya will in the medium term provide a number ofadditional cross selling opportunities as most of its customers and productcapabilities are new to Glisten and in this regard we have already received keen interest in the Sunya range from Glisten's existing customers." Said Hamer.
In an effort to help increase its prospects for future expansion, the company also confirmed that it had sold of some share, an effort that raised £700,000 which will be used to increase the Company's cash reserves.
"We have had a good start to the current year with turnover for the first 16weeks within our principal operating subsidiary, Glisten Confectionery, 5 per cent ahead of the same period last year. Early demand for the important Christmas period, including the new range of Glisten-brand products is very encouraging.
"We expect the second half to be underpinned by a series of new product listings in existing and new customers as well as the launch of a number of new products arising from the first half capital expenditure programme. With the further addition of Sunya, I look forward to the remainder of the current year with confidence."
Glisten plc was formed in October 2001 to build a food group focusing on niche sectors. The company was admitted to trading on AIM in June 2002 and at that time made its first acquisition of The Glisten Company Limited, which has since been renamed Glisten Confectionery Company. A second acquisition, Sunya, was made in October 2003 extending the Company'sproduct range and client base.
The company is based in Blackburn, UK, is a manufacturer of chocolate andsugar based confectionery, edible decorations and confectionery ingredients. It serves a wide variety of customers including high street retailers and thefoodservice and export sectors.