Updates

Swallowfield - Forecasts upgraded

April 2018

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Nice to see an upgrade following H1 results with Swallowfield firing on both divisions - Brands and Manufacturing. Although sales growth might have looked anaemic at £40m up from £39.7m, this masks a change in mix as the company reduced contract manufacturing in favour of owned products. Owned brands are now 31% of sales vs 25% a year ago and consequently margins and profitability rose. Underlying operating profits were up 11% to £3.4m with eps up 16% to 13.7p. Owned Brands grew sales 28% to £12.3m and profit by 36% to £2.6m helped by 47 new products launched across nine brands. Swallowfield has continued to steadily increase in-house production of Brand Architekts’ products and this will ac ...

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ImmuPharma

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