Confectionery and snacks maker Glisten is delaying its annual results until it has renegotiated its bank facilities but trading is strong in the current year.
The figures for the year to June 2009 were going to be published on 14 September but are not likely to see the light of day until October. Glisten has revealed the headline unaudited figures.
Revenues were £74.4m in the year to June 2009. Pre-exceptional profits were £3.4m, compared with forecasts of £4m. Year end net debt of £25.2m was slightly lower than some analysts expected.
There was a problem with the Halo Foods business and it is responsible for the shortfall in profits. It failed to take account of higher ingredient costs. These issues are being resolved and revenues grew by 25% last year. Sales are expected to continue to rise and Halo should be profitable this year.
Like-for-like sales in the first seven weeks of the current financial year were 20% higher at £9.7m.
The market seemed to be reassured by the figures released and the shares rose 14p to 85.5p each, which values Glisten at £12.1m. The shares have still lost two-thirds of their value over the past year.
House broker KBC Peel Hunt has cut its 2009-10 profit forecast from £5m to £4m. That values the shares at less than five times 2009-10 prospective earnings.
© 2025 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds