News blog
Glisten
- BY: Andrew Hore |
- POSTED: 13/11/2008 |
Confectionery and snack foods supplier Glisten is achieving like-for-like sales growth of 5%.
This like-for-like figure is for the first 18 weeks of this financial year. Like-for-like figures were flat in the first nine weeks of the year so this represents strong recent trading. The overall growth in revenues is 15% and margins are steady.
A £3.25m deferred payment has been made for Dormen Foods and that should mark the high point for borrowings. They are expected to fall by £4m to £25m by the end of June 2009. However a “cap and collar” mechanism will restrict the benefit that Glisten gets from recent interest rate cuts.
FinnCap expects profits to improve from £6.7m to £7.3m in the year to June 2009 but this is still dependent on Christmas.
At 155.5p a share, which values Glisten at £21.7m. The shares are trading on just over four times prospective earnings for 2008-09.
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