Shares in beauty product company Swallowfield (LON:SWL) rose over 10 percent in morning trading on Tuesday, after benefiting from sterling’s weakness over the past year.
Swallowfield, which is involved in the development, formulation, and supply of personal care and beauty products, saw revenue grow 36 percent in the 12 months to June 2017, boosted heavily by their acquisition of The Brand Architekts.
In a statement, the company attributed much of the positive results to the weakness of sterling int the year since the EU referendum, with revenue growth on a constant currency basis of 31 percent.
Owned brands now represent 24 percent of revenues, with the company proposing a final dividend of 3.5 pence per share. This is in addition to the interim dividend of 1.7 pence already paid, to give a full year dividend of 5.2 pence (2016: 3.1p), an increase of 68 percent.
Chris How, Chief Executive, said of the results:
“It has been a year of excellent progress for the Group with the successful execution of our stated strategy driving us to record levels of sales and underlying profitability. The acquisition of The Brand Architekts has delivered fully against our expectations and has been integrated smoothly and effectively into the Group.
“In our manufacturing business, continued focus on innovation, quality and service has enabled it to perform solidly in its own right, as well as provide important support to the growth of our owned brands.”
Shares in Swallowfield are currently up 11.38 percent at 328.60 (1149GMT).