18 May 2011 – trading statement
The AIM quoted confectionery and snack foods group has confirmed that trading in the year to 30 April has been in line with expectations, with a good performance from the confectionery business offsetting difficult trading in the snacks division. Group revenues for the year have increased by 2.2%, although an increase in the proportion of higher margin own brand and private label business has helped to maintain margins despite input price inflation. Underlying net borrowings have fallen, although due to the late Easter, which has delayed some customer payments, and the acquisition of Derwent Lynton, year-end borrowings will be higher than usual. A number of new products are due to be launched in the current year with some already stocked by Tesco, Sainsbury and Asda. Full year earnings per share for the year just ended are forecast to be around 37p – the shares remain CHEAP.