Glisten results boost ahead of takeover deal

SNACK firm Glisten yesterday posted a 12 per cent rise in half-year profits in its last update before being taken over by Benecol maker Raisio.

The company, which makes cereal and fruit snack bars and holds the UK rights to Sun-Maid raisins and Weight Watchers products, said pre-tax profits rose to 2.22 million in the six months to 31 December, from 1.98m the previous year.

Glisten said like-for-like sales grew 10 per cent in the period, helped by a good start to the financial year last summer. But it warned of challenges ahead in the short term as consumers continue to focus on price.

The Leeds-based firm said the results would be its last as an Aim-listed company after shareholders last week approved an offer by the UK subsidiary of Finnish food group Raisio valuing the company at about 19.8m. Raisio will complete the takeover subject to court approval.

Glisten chief executive Paul Simmonds said: "Most parts of our business are performing steadily and we are satisfied with progress to date this year, but remain cautious about continued sales growth during the second half of the year."