Major Improvement By Zetar
Zetar, the UK confectionery and snack foods group, has reported a much improved financial performance for the year ended April 30th 2010. Turnover from continuing operations increased by 11% to £131.9m, benefiting from a focus on innovation and economy product launches.
Adjusted operating profit was up 21% at £7.3m and adjusted profit before tax rose 40% to £6.4m. Zetar’s reported net profit at £4.3m marked a major turnaround when compared to a loss of £5.1m for the previous year.
The confectionery division contributed sales up 11% at £83.2m and adjusted operating profit advanced 7% to £4.7m. Everyday chocolate sales increased to almost one-third of the confectionery division’s revenue. Sales at the natural snacks division increased 12% to £48.7m and adjusted operating profit jumped 56% to £2.6m.
“We have continued to invest in product development and production facilities. Our historic focus on innovation and manufacturing flexibility continues, supplemented by new initiatives on everyday products and media and grocery brands. “We are confident that the building blocks are in place to realise our three year organic sales growth plan,” says Ian Blackburn, chief executive of Zetar. “Encouragingly last year’s positive trading momentum has been sustained into the start of this year and, whilst we remain cautious due to the uncertain economic outlook, the board anticipates further growth in the current year.”
