Posting record interim results yesterday (13 March), UK confectionery and snack company Glisten said that it is focusing on a ‘build and buy’ strategy and added that it is on the look-out for acquisitions to enhance its healthy product range.
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Glisten posted a first half increase in pre-tax profit of 8%, rising to GBP2.6m (US$5.03m) for the six months to 31 December from GBP1.9bn for the comparable year-ago period. The confectionery and snack food group increased its interim dividend by 33% to one penny per share.
The company said it expects its full-year results to be in line with market expectations following a slight increase in like-for-like sales in the first eight weeks of the second half, compared with the last year.
Commenting on the results, the group’s chief executive Paul Simmonds said that going forward strategic acquisitions would be a priority for the company.
“Acquisitions continue to be a priority for the board and remain integral to our ‘buy and build’ strategy within the snacking and confectionery sectors. We do, however, believe that market prices have become somewhat inflated over the last 12 months due to private equity groups and multinational trade players focusing on the intrinsic value in smaller, specialist food businesses. As such we will be cautious not to be pressured into paying more than we believe a business is worth. Many exciting opportunities remain and we are confident of adding to our portfolio of high-growth, high-margin impulse food businesses over the next 12 months,” Simmonds said.
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