Swallowfield is expanding the range of its services to include market analysis, formulation, design and packaging developments as well as product manufacturing, sourcing and logistics.
Global expansion in progress
At the same time the UK-based company is building its presence in emerging markets having just opened a production plant in the Czech Republic and signed the final contracts for a joint manufacturing venture in China. The company also plans to open a sales office in France to support future overseas growth.
In the midst of these changes Swallowfield reported a 2.3 per cent rise in sales to £44.82m for the full year ending 30 June with a 12 per cent increase coming in the last six months of the year.
Major increase in profits
Improvement was also registered lower down the income statement with operating profit up 17 per cent to £1.54m. The financial situation also improved as net debt halved from £4.88m to £2.42m.
Looking forward, the company said the higher raw material costs and the deteriorating economic situation will require careful management.
Nevertheless Swallowfield believes that by pursuing geographical expansion and innovation while considering acquisitions and continuing to improve quality, cost and service, the company will ensure future growth.
“Swallowfield has transformed itself from a contract manufacturer to a service provider working very closely with customers to deliver market-leading and innovative products,” said non-executive chairperson Shena Winning.