Creightons maintains revenue despite £14m sales surge the previous year
Personal care and beauty products manufacturer Creightons Plc has seen its full year revenue decrease by just 0.7%, despite a "one-off" £14 million surge in sales of hygiene products the previous financial year.
The Peterborough-based company has replaced the previous year's Covid-hygiene sales with growth across its branded, private label and contract manufacturing business units.
The company also labelled the financial year, which ended 31 March 2022, as "transformational", with success from its acquisition of beauty brands Emma Hardie and Brodie & Stone.
Combined sales from its acquisitions during the year totalled £3.6 million, with revenue of £2.3 million from Emma Hardie and £1.3 million from Brodie & Stone.
Established in 1954, Creightons designs, creates and manufactures a wide-range of skincare, haircare and wellbeing products.
The company's core business revenue, excluding hygiene and acquisitions, increased by 21.8% to £57.3 million compared to £47 million the previous year.
With sales of hygiene products down to £0.3 million this year and the impact of acquisitions, the company's total revenue fell by 0.7 per cent to £61.2 million, compared to £61.6 million the previous year.
Creightons said that inflation, supply chain and energy cost challenges impacted the second half of the financial year, with these pressures expected to continue.
William McIlroy, Chairman of Creightons Plc, said: "The group has successfully maintained revenue during the year. We have replaced the one-off hygiene sales in the previous year and have delivered growth across all areas of the core business. We have completed two business acquisitions which leave us well placed to continue to grow the branded business of the group. We will continue to respond proactively to the challenging market conditions but remain open to further business opportunities."
Bernard Johnson, Managing Director of Creightons Plc, said: "The team across the group has performed exceptionally well in the face of challenges presented by Covid-19 and the global supply chain and inflationary pressures. We will continue to work closely with our customers while robustly embarking on a programme of overhead cost reduction and improving manufacturing efficiencies. We are confident that our vertically integrated model continues to give us a competitive advantage."