AIM-listed Swallowfield plc, a market leader in the development, formulation and supply of personal care and beauty products, has announced revenue growth of over 10% following a year of major product launches for global brands, new business contracts and product innovation offerings.
The company, whose customers include many of the world’s leading brands, has posted its final results for year ended June 2016, with a third consecutive profit increase (£1.79m) and a 10.1% increase in revenues (£54.5m) year on year.
Key to growth has been a focus on developing innovative products, making use of Swallowfield’s leading expertise in areas such as aerosols and hot pour technology, boosting volume and reputational value in delivering major products for household name global brands. The company also saw success in winning a number of pieces of new business, which created a peak in new product launches particularly around the reporting date.
Chris How, Chief Executive, said:
“It has been a busy and successful year for the Group with the continued execution of our stated strategy driving strong sales growth and profitability increasing significantly and slightly ahead of expectations.
“Our core customers are brand owners who require a constant stream of product innovation to remain competitive and we have built a reputation as a valuable partner in this process.
“During the reporting period we introduced a number of new products across a range of key customers and secured agreements for future supply of several haircare products to major premium brand owners which will continue to positively impact business performance in 2017.”
In another development, Swallowfield has recently delivered its first orders under a partnership agreement with a leading US aerosol manufacturer, which enables production of formulations in the USA adapted to US regulatory requirements which, in turn, allows European-based customers to launch their products in North America.