UK: Poor forecast for Snackhouse H2 does not worry company
Shares at UK food manufacturer Snackhouse, formally known as Benson's Crisps, fell to a two-year low following speculation that H2 trading profits will be lower than market expectations. Snackhouse has experienced a difficult year; in a statement it revealed that the withdrawal of a profitable contract by a major retailer and poor trading conditions have "adversely affected the group's most profitable trading period, resulting in a downturn in profits."Sid Taylor, company chairman, believes that the poor results reflect "particularly intense competitive pressures in the UK food industry."Although too late to impact on the H2 figures, the company has stressed its continued strategy of organic and acquisitive development. The two major acquisitions of last year, Country Harvests and K Snack Foods, continue to be profitable and several branded product launches are scheduled for the near future. Commercial director Adrian Luckham has resigned, but Snackhouse maintains it has "a continuing emphasis on product innovation and customer service."
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