Airspray, the maker of cosmetic dispensers for Unilever, Wella and L'Oréal - achieved strong sales growth last year despite the weakening of the US dollar, aided by its currency-risk management and galloping volume growth.
Overall the company reported an 11.4 per cent rise in sales to $36 million. It also maintained its profitability margin of 27 per cent for 2003.
The company staved off the impact of the strengthening euro through its use of the financial market and hedging instruments, which locked in a degree of temporary currency stability. However it warned that currency movements would effect results in 2004.
Airspray continued to show healthy growth in North America and Europe.The number of its customers increased to 525 during 2003 up from 430 in 2002 with North America remaining Airspray's most important market with 60 per cent of sales.
In 2004, Airspray plans to invest another €3 million in developing new products and further expanding production capacity.
Last July Airspray won the exclusive, worldwide license for Symplicity - a new lotion dispenser technology - opening up a new market sector for the company. First sale for Simplicity should come through at the end of this year rising to millions of units by 2006.
In 2003 the Mini Foamer, G3 and Waterguard Foamers were the fastest growing products for Airspray.
Earlier this month the company launched the Dual Foamer as part of its regular role out of new products.