Glisten reports glittering financial performance

Related tags Investment

UK-based confectionery firm Glisten has doubled its turnover from
2004, and has signaled its intention to expand further through
strategic acquisitions.

For the year ending 30 June 2005, Glisten's turnover increased by 99 per cent to £41 million and pre tax profits also increased by 68 per cent to just over £3 million.

Chairmen Jeremy Hamer attributed such a successful start to the year to the acquisition of Halo foods in December 2004. This move allowed the company to enter the cereal bar market as well as strengthen its specialist ingredients interests.

Further acquisitions are likely as the company uses its newfound financial clout to expand further. Hamer believes that "a combination of further strategic acquisitions, specific capital expenditure projects and new product developments"​ will enable the acceleration of earnings from the business.

Hamer concluded his statement by recognising that "acquisitions continue to be a priority for the board and remain integral to the buy and build strategy that we are developing in the confectionery, snacking and ingredients sectors of food manufacture"​.

Glisten's chief executive Paul Simmonds also feels that further acquisitions will be made if the company is to progress further and commented that it wants to become a multi sector food group with sales of £100 million within the next 5 years.

The Lancashire firm's principle activities are the manufacturing of chocolate and sugar based confectionery and entered the AIM (Alternative Investments Market) in 2002. The company already widely serves high street retailers and major food manufacturers as well as food service and export markets.

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