Glisten confident for festive season sales
SNACKS and sweets group Glisten will tell shareholders at its Annual General Meeting today that it is optimistic about delivering an improving performance but that nothing can be taken for granted.
Glisten said that it had maintained trading momentum reported in early November with sales for the first five months to the end of November up 12% at £32.7m
It said that the festive period remained important for all its businesses, particularly Dormen Foods and Glisten Confectionary, while Halo Foods and Snacks Unlimited would benefit the post-Christmas health push.
It said in a statement: “With amended bank facilities in place and a stronger start than last year to 2009/10 already established, we are optimistic about delivering an improving performance.
“However consumer spending will remain unpredictable so we will not be taking anything for granted.”
Last month it announced that it had signed a new three-year £32m banking facility with Barclays.
The facility, which is committed until December 31, 2012, completes the Leeds-based group’s refinancing to help it achieve its ambition of becoming the “best young food company” in the sector.
Earlier in the month Glisten reported pre-tax profits slipped to £3.38m for the year ended June 30 compared to £6.68m the year before.
Revenue rose 1% to £74.4m from £73.8m in 2008.
Glisten said its products were showing “excellent performance” and that like-for-like sales in the first 17 weeks of the current year were 13% ahead.
The Annual General Meeting will also see Jeremy Hamer hand over the role of chairman to David Wallis.
Mr Wallis has been on the board of Speedy Hire, the UK’s largest provider of tools and equipment hire, since 2000. He became chairman in 2001.
He is currently chairman of Directorbank and has previously held senior board positions with a number of other public and private companies. His executive career included nine years as group managing director of Merchant Retail Group.
Commenting on today’s developments Paul Simmonds, Glisten chief executive, said: “I would like to thank Jeremy for his hard work and support over the last seven years during which time he has been a full member of the Glisten team helping to build the company through a period of strong growth.
“Jeremy has decided to step down as chairman to dedicate more time to his many other interests. We wish him well in the future.”
