By Anthony O. Goriainoff
Creightons said Friday that pretax profit for fiscal 2023 fell after revenue declined on lower sales, but that it was well placed to respond proactively to challenging market conditions.
For the year ended March 31, the U.K. maker of personal care, beauty and fragrance products posted a pretax profit of 687,000 pounds ($875,375) compared with GBP3.5 million for fiscal 2022.
Revenue dropped to GBP58.6 million from GBP61.2 million the year before. Private label sales fell to GBP22 million from GBP24.9 million, mostly due to the nonrecurrence of a one-off private contract the year prior, the company said. Contract manufacturing sales fell 13% to GBP13.8 million, reflecting the difficulties faced by certain brand owners in the challenging economic environment, it said. Still, overall branded sales rose 12% to GBP22.8 million.
“The board believes that good management, strong customer relationships and financial position will continue to enable the group to manage the current economic situation and that the group is well placed to proactively manage new challenges and take advantage of any new opportunities that may arise,” the company said.
Write to Anthony O. Goriainoff at [email protected]
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