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Zetar set to meet full year guidance despite weak Easter sales

Published: 05:30 15 May 2012 EDT

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Shares in Zetar (LON:ZTR) rose in early trade after the confectionery and snack foods group said its sales and pre-tax profits met expectations in the year to end April.

Furthermore, Zetar said it has secured £13 million of new business, which is set to begin this summer, while expecting to get a boost from the upcoming Olympic Games in London.

Full year revenues are expected to reach £128 million, down five percent from the previous year due to the group’s exit from a significant volume of low margin commodity snack products including processed and packed nuts and a decline in Easter sales.

Zetar noted that it posted an increase of over 20 percent in sales of branded added-value snacks including products under Branston, Reggae Reggae, Fruit Factory and Humdinger brands.

At the confectionery division, sales were up to percent. However, excluding the impact of the acquisition of Derwent Lynton, underlying sales were down two percent.

“The group has made good progress in developing its everyday business and growing its branded sales, underpinned by our continued focus on product innovation,” said chief executive of Zetar Ian Blackburn.

“Although Easter orders were disappointing... and consumer markets remain challenging, we are optimistic about the opportunities in this financial year following recent significant new everyday wins, which further reduces our dependence on seasonal business.”

Zetar saw its share price climb 2.5 percent to 187.5 pence in early deals, giving it a market cap of £24.9 million.

 

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