UK beauty and personal care manufacturer Swallowfield has turned last year’s £940,00 loss into more than £400,000 of operational profit; adjusted earnings per share rise to 3.9p compared to a loss of 4.7p per share. The Somerset-based business saw revenues climb to £50m compared with £48.5m last year. It claims better underlying sales growth of 7% (compared to 5%) due to a more even balance of customers.
In 2012 Swallowfield had three customers accounting for 52% of revenues, with the largest customer representing 25%. Two years on it has six customers representing the same proportion of revenue. The largest customer represents 15% overall revenue – a significantly improved risk profile for the company. Exports push forward from 35% of revenues to 38%. However, Swallowfield shares at 95p (at press time) remain significantly down from their March 110p one-year peak.
“Our objectives this year were first to stabilise the business performance, and secondly to refocus on a clearer strategy aimed at creating sustainable growth and shareholder value. We are pleased to have made measurable and demonstrable progress against each of these objectives,” said Swallowfield chief executive Chris How.