UK: Glisten FY profits plummet

By: just-food.com | 2 November 2009

EBITDA down 28%
Pre-tax profit dropped 49%
Issues at Halo “now resolved”

UK snack group Glisten said today (2 November) that its full-year earnings were down by almost one-third and pre-tax profit almost halved, despite stable revenues.

The company said that EBITDA in the 12-months to 30 June fell 28% to GBP7.1m (US$11.6m), from GBP9.9m last year.

Profit before tax and exceptional items dropped 49% to GBP3.38m, down from GBP6.68m, and EPS was down 49% to 17.5 pence per share.

Glisten had previously planned to release its full-year results on 14 September. However, this date was pushed back in order to allow time to complete an independent review of accounting issues at the company's Halo Foods unit.

The group emphasised that while this dented profits, these issues have now been resolved.

"We have made good progress again this year and, although this was overshadowed by shortcomings in the fourth quarter in Halo Foods, this has been quickly corrected," CEO Paul Simmonds said in a statement.

The group also needed the additional time to conclude loan negotiations, Glisten said. Glisten confirmed this morning that loan facilities of GBP32m had been organised.

Revenues edged up 1% on the year to GBP74.4m.

For the full press release click here, or check back for just-food's insight into Glisten's full-year.

Sectors: Confectionery, Snacks

Companies: Glisten