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Lees Foods

  • BY: Andrew Hore |
  • POSTED: 30/09/2009 |

Clive Miquel is replacing Raymond Miquel as chief executive of macaroon bars and coconut snowballs maker Lees Foods.

The bakery products maker reported an improvement in profits from continuing activities from 208,000 to 394,000 in the six months to June 2009. Revenues increased from 7.8m to 8.85m. Discontinued activities - Patisserie UK - lost 251,000 after tax against a positive contribution of 10,000 in the first half of 2008.

Shares in Lees jumped 26.75p to 137.25p each, which values Lees at 3.39m. The share price is near to its 12 month high which was achieved one year ago.

Net debt was 1.24m at the end of June 2009. There was a working capital cash outflow in the first half. Cash generation should be stronger in the second half. Lees still has an outstanding claim against the vendors of Patisserie UK.

Lees has launched new products and widened its customer base.

Dr Chris Greig has been appointed chairman.

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