1st Mar 2016 10:11
LONDON (Alliance News) - Swallowfield PLC on Tuesday reported huge growth in profit in the first half of its financial year as it works to reshape the business and "build a better Swallowfield", leading to it reinstating payment of a dividend.
The personal care and beauty products supplier said its pretax profit in the 28 weeks ended January 9 grew to GBP1.1 million from GBP56,000 in the same period the year before, as revenue rose to GBP27.5 million from GBP26.0 million.
Swallowfield said profitability improved following the re-shaping of the business, including the acquisition and integration of the Real Shaving Co and launches of its own beauty range Bagsy and male haircare brand MR.
Swallowfield will pay an interim dividend of 0.8 pence, having not paid a dividend for the first half of the prior year.
"The first half year profitability is significantly ahead of last year and in line with our expectations as we continue to show measurable progress with our 'building a better Swallowfield' strategy. This gives us confidence that we can continue to grow our business and build shareholder value in both the medium and long term," Non-Executive Chairman Brendan Hynes said in a statement.
Shares in Swallowfield were trading up 5.3% at 181.67 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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