Lees plans for growth as profits rise

04 June, 2010
Page 10 

Lees Foods has seen its year-on-year pre-tax profit increase more than two-fold from £379,000 in 2008 to £843,000 in 2009.

The Coatbridge-based firm also enjoyed a 13% sales rise to £18.2m in its final results for the year ended 31 December 2009. Gross profit was up 15% to £5.8m.

Chief executive Clive Miquel commented that sales during the first quarter of 2010 were slightly ahead of the same period in 2009.He said the company had grown sales of its existing range of teacakes, snowballs, confectionery, ice cream cones and meringues, as well as introducing new products, and entering new markets with existing retail customers in the UK. It also started exporting to customers in Kuwait, France, the USA and Australia.

"During the year we invested further in our production facilities, including the purchase of a new meringue depositor, which gives us increased capacity and greater flexibility in our meringue production," said Miquel.

"We have a planned programme of capital investment over the next three years, which includes the installation of new ovens during the first half of 2010. While we are focusing on organic growth we will look at complementary acquisition opportunities if and when these arise," he added.





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