Beauty products group Swallowfield plc (LON:SWL) has further strengthened its male grooming range with the addition of the brand ‘Fish’ to its stable.
Cost is an initial £2.7mln with a further £0.3mln earn-out.
Founder retained as consultant
Paul Burfoot, Fish’ brand owner, will work with the company as a consultant while continuing to own the ‘Fish’ hair salon in Soho.
Chris How, Swallowfield’s chief executive, said Fish’ brand’s product formulations and packaging formats have a strong fit with the company’s manufacturing business, which has seen the addition recently of Real Shaving Company and Tru.
“This segment of our business showed sales growth of 25% in the first half of our current financial year and in that same period contributed 31% of group sales.
“The addition of Fish to this vibrant portfolio will add further strength and growth potential."
Overall financial growth
Swallowfield increased underlying operating profits to £3.4mln from £3.07mln in the half year to 6 January. Dividend per share increased to 2p from 1.7p.
Pressure on material and operational costs had increased, but plans are in place to mitigate this and combined with strong trading momentum it is on track to achieve planned profits for the full year.
Swallowfield shares ticked up 6.2% to 342.5p.