UK confectionery, snack food and specialist ingredients group Glisten has said turnover increased 99% to £41.2m (US$75.2m) for the year to 30 June 2005.
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Profit before tax and amortisation and exceptional items increased 68% to £3.02m.
“Glisten is evolving into the multi-sector food group we set out to create when we listed on AIM in June 2002. We have a broad range of UK and international customers, a varied and attractive product range with some niche capabilities which differentiate us from competitors, and the level of cross-selling in our business is accelerating constantly,” said Paul Simmonds, chief executive of Glisten.
“Our objective following the acquisition of Halo Foods and Nimbus Foods, and our entry into the rapidly growing sector of cereal bars, is to increase our share of the dynamic and diverse hand-held snacks and inclusions markets. We remain very interested in sectors adjacent to these which will compliment what we currently do. Acquisitions continue to be an important element of our growth formula and I am pleased to advise that the pipeline of acquisition opportunities which satisfy our performance and strategic-fit criteria continues to be strong. In 2002 we set ourselves the goal of building a group with sales of £100m within five years; we continue to believe that this goal is achievable,” Simmonds added.
The company added that sales in the first two months of current financial year have more than doubled.
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