Snackhouse Plc, a maker of snack food such as potato chips, reporting its financial results for the last year, has revealed annual profits halved from last year.
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The company blames the loss of a contract for the shortfall. Snackhouse shares fell by 12% on the announcement of its financial situation.
Net income in the year ended Nov. 30, 2000, fell to £1.5m (US$2.3m) from £3.3m in the previous year. Revenue rose 1% to £49.1m.
Snackhouse has diversified its product range in recent years and bought Country Harvest which supplies dried fruit and nuts. “The group’s strategy of product diversification, both by acquisition and through new product innovation, has proved invaluable during this difficult period,” said chairman Sidney Taylor.
Snackhouse said promotions by leading snack-makers meant customers increasingly bought such promoted items at the expense of smaller brands, as price differences narrow.
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