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Glisten

  • BY: Andrew Hore |
  • POSTED: 19/01/2009 |

Glisten says that its interim profits will be lower.

The confectionery and savoury snacks manufacturer says that pre-Christmas sales were slower than expected. The Dormen nuts brand, Lyme Regis snack bars and Nimbus bakery ingredients businesses performed well. Revenues are still expected to be 6% ahead for the full year.

Glisten paid £3.25m in deferred consideration for Dormen at the end of October 2008. Another £1.25m is payable in October 2009. Net debt was £27.4m at the end of December 2008 but it is falling.

Promotional deals and lower prices are the main focus in the market. New business is good, including a new range of natural snacking products, but demand is described as weak and erratic.

KBC Peel Hunt has cut its full year profit forecast from £6.6m to £6m.

Shares in Glisten slipped 8p to 110p each, which values the company at £15.4m. The shares are trading on less than four times prospective earnings.

Interim results will be published on 23 March 2009. 

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