Sweet success as Swizzels profits surge 41%
CONFECTIONERY company Swizzels Matlow has had another strong year, with profits surging by 41% despite tough competition.
The company employs around 600 staff at its headquarters in New Mills and distribution centre at Adlington, near Macclesfield.
Pre-tax profits at the family-owned business were boosted 41.4% to £2.80m (2009:£1.98m) for the year to the end of December 2010, while sales grew 1.9% to £47.5m (2009: 46.6m).
The company, behind well-known brands such as Love Hearts, Parma Violets and Refreshers, built its net assets to £15.3m (2009: £13.8m).
In their newly filed accounts, directors said: “The market is expected to remain extremely price competitive in 2011, but the directors are confident in the group’s ability to develop its current key position in the children’s confectionery market in the future.”
Swizzels Matlow was founded in 1928 by Alfred and Maurice Matlow in a factory in London. The Matlows later combined their business with David Dee of Swizzels and it remained in London until the Second World War, when it moved to a disused factory in New Mills where the firm is still based. The company remains in the hands of the Matlow and Dee families.
