Swallowfield sees revenues climb against backdrop of economic gloom
A BIDEFORD cosmetics and toiletries manufacturer has seen revenues increase by nearly 10 per cent in the last year.
Swallowfield plc, based at East-the-Water, increased revenues from £52.4m to £57.5m, for the year ended June 30 2011. Profit before taxation increased by 12.6 per cent to £1.33m, while overseas revenue increased by 14.5 per cent.
The company’s revenues are now 28 per cent higher than three years ago when the economic downturn started.
Ian Mackinnon, chief executive, said: “Revenue has increased despite the continued strong economic headwinds and is now 28 per cent higher than in 2008, the start of the financial crisis.
“We have driven this increase through product innovation, an attention to quality and customer service and by providing cost effective product solutions to our growing customer base.
“Tight control of total overhead costs, together with this increased revenue, has more than offset significant increases in the price of raw materials and components and contributed to a 17 per cent increase in earnings per share.”
Key developments at the business include a new creams and lotions manufacturing room at the Alverdiscott Road Industrial Estate production site.
Mr Mackinnon said Swallowfield’s overall expectations for the 2012 financial year remained “positive and unchanged”.
He said: “We expect the overall UK market background to continue to be adverse for another couple of years but, in anticipation of this, we are investing significant efforts in expanding our business outside of the UK, while capitalising to some degree on the more favourable climate for manufacturing in the UK.”