Profits for local business
A local company specialising in cosmetics and toiletries has reported increasing profits this year.
STRONG overseas trade has contributed to a rise in profits at Bideford-based Swallowfield plc.
The company, which formulates and produces cosmetics, toiletries and household goods, has also reduced its debts by �0.8 million from �4.7 million to �3.9 million.
It posted a 3.1 per cent rise in profits for the first half year and 7.8 per cent growth in sales from overseas business.
Ian Mackinnon, chief executive of Swallowfield, said: “As anticipated, the UK market has remained tough for the last six months with signs that other markets, including the fast developing countries, have also weakened.
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“It is therefore very encouraging that our strategy to develop the business outside of the UK is having some success with direct overseas revenues increasing by 7.8 per cent.
“Our process of generating innovative ideas has become more fully embedded across the organisation as we seek to drive greater sales opportunities from each of our major product innovations.”
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