Lees Foods has revealed that its first-half profits before tax were up by almost 50% as increased revenues and improved margins bolstered the company’s results.
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Pre-tax profits from continuing operations increased to GBP393,831 (US$634,710), up from GBP208,093 last year.
Sales in the six months to 30 June increased 14% to GBP8.9m, up from GBP7.8m, the company said today (30 September).
Finance director David Simson said that increased revenue was the result of “record” sales at both its Lees Foods and Waverly Bakery operating units.
“Both companies have successfully introduced new products to the market and we have continued to grow our business with existing customers and in addition developed new customers across the UK,” Simson said.
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By GlobalDataThe results exclude the Patisserie UK business, which was placed into administration shortly after it was acquired by Lees. The company said that it is continuing to pursue legal action against the vendors of the company.
Looking to the remainder of the year, Simson said that profits are expected to exceed original forecasts, with trading likely to remain in line with expectations.
Lees indicated that it expects to continue to grow sales and profitability through new product development.
“We will also consider acquisition opportunities that are complementary to our business if and when these arise,” Simson added.
Lees CEO Raymond Miquel left the company on 11 September and a new board structure will be announced “shortly”, Simson said.
