UK: Glisten posts H1 profits as sale looms
By: just-food.com | 22 March 2010
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Glisten delisting slated for next month |
UK snack maker Glisten this morning (21 March) booked a 10% rise in half-year profits in what is set to be the company's last set of results as a London-listed company.
Glisten, which is set to be taken over by Finnish food group Raisio, posted pre-tax profit of GBP2.2m (US$3.3m) for the six months to the end of December, against GBP2m a year earlier.
Sales rose 10% to GBP39m thanks to "a good start" to the company's fiscal year in July and August.
"Most parts of our business are performing steadily and we are satisfied with progress to date this year but remain cautious about continued sales growth during the second half of the year," said chief executive Paul Simmonds.
"We believe that consumer focus on both premium and better-for-you/healthier snacks will return strongly but in the short term there is no doubt that the absolute priorities for many consumers continue to be price and value."
Last week, shareholders in Glisten gave the green light to the sale to Raisio. The investors backed the EUR22.8m (US$30.8m) deal, announced by the two companies last month, at a special meeting.
Two court hearings will be held next month to approve the takeover but, should the deal go through, Glisten shares are expected to be delisted from the London stock exchange on or around 8 April.
Sectors: Health & wellness, Snacks
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