Profits to soar at SSL

CONDOM and sandal maker SSL International said today sales at the group have soared while profits will rise more than 30% this year.

The group, which runs its European operations from Trafford, said sales for the 12 months to March 31 will come in at around £640m, more than 20% ahead of last year or 6% on an underlying basis after adjusting for favourable foreign currency movements.

SSL International, which recently spent £81m on two east European rivals, said branded consumer sales are expected to be around £577m driven by continuing strong growth in all three major categories.

Durex has benefited from good growth in the condom business, while the Durex Play range and has produced another strong performance.

Its Scholl Footcare brand has also performed well following the roll out of the Scholl Biomechanics range. Scholl Footwear benefited from strong growth in Asia, coupled with solid performance in the major European territories. However, the group added that sales of locally owned brands have been broadly flat.

Chief executive Garry Watts said: “As consequence of this underlying sales growth, continuing cost control and the benefit from favourable currency rates, we continue to expect to announce reported operating profit growth in excess of 30% for the year.”

The group will announce its preliminary results on May 19.