Acquisitions sweeten Glisten profit
record profit for the first half of the year, attributed by the
company to successful acquisitions in the UK market.
For the six month period ending 31 December 2007, turnover from existing operations stayed relatively stable. However, overall turnover, including acquisitions, increased 13 per cent to £33.5m, the company said. "We are benefiting significantly from our acquisitions in savoury snacking and have seen some excellent developments within our bar and confectionery businesses," said chief executive Paul Simmonds. In 2007, the group acquired 50 per cent of Skinny Candy, a company focused on low fat confectionery. The group also purchased stakes in snack firms Dormen Foods and Big Thoughts, the latter now known as Glisten Snacks. Like all companies across the food industry, Glisten said it was faced with higher input costs during the period, especially for chocolate, fruits, nuts, sugars and packaging. However, the firm claimed it successfully offset these costs after working to "increase selling prices, re-engineer our products and buy more successfully to mitigate the impact." Operating profit for the period therefore increased by 19 per cent to £3.7m. Looking forward, the UK-based company said it wants to increase its international presence, as well as sales to top UK retailers. It also plans to launch new products for the health market, such as SunMaid fruit fingers in May and a new range of Skinny Candy products later in the year. The firm added that it hopes to keep its customer range "broad", as it currently manufactures snacks for the private label market and coatings for the bakery industry, as well as its principal healthy product ranges.