Lees Foods: sees H1 revenue increase 14 percent

Coatbridge / UK. (lf) Lees Foods PLC sees H1/2009 revenue increase 14 percent, the Scottish cake and sweet supplier said in a statement. Group Sales for the first six months of 2009 exceeded last year´s figures by 1’052’929 GBP increasing from 7’798’838 GBP to 8’851’767 GBP. Profit before tax for the six-month period of this year was 393’831 GBP against last year´s figure of 208’093 GBP.

David Simson, Group Finance Director: «We are pleased to report a 14 percent increase in our sales for the first six months of 2009. The increase has been achieved through record sales at Lees of Scotland and The Waverley Bakery. Both companies have successfully introduced new products to the market and we have continued to grow our business with existing customers and in addition developed new customers across the UK».

Pre-tax profits improved due to higher sales and an improvement in the margins. The company endeavours to source materials at the most economic levels, however, the Euro exchange rate has adversely affected costs of some ingredients. This has been partially offset by lower energy costs and improved production efficiencies.

Simson: «As previously reported, Patisserie UK was placed in administration in March 2009, and all revenues and costs associated with this business have now been transferred to discontinuing operations on the Income Statement. We continue to progress a claim against the Vendors under the warranties contained within the acquisition agreement. Both our continuing operations expect to maintain trading at levels in line with forecasts for the remainder of the year with underlying profits for the full year anticipated to be better than originally forecasted. Nadia Millar will continue to head The Waverley Bakery and Clive Miquel will continue to manage Lees of Scotland».