Swallowfield pre-tax profit grows 17.3%

C&T full service provider Swallowfield plc has reported a 17.3% rise in pre-tax profits to £1.56m for the full year ended 30 June 2012.

The UK based company also posted an 11.5% rise in revenues for overseas business, which is a main focus of the company’s growth strategy. Overall revenues grew 0.7% to £57.9m.

“We continue to remain cautious going forward due to the well documented difficulties in the Eurozone, which have affected confidence across most of the major economies of the world,” said Swallowfield chief executive Ian Mackinnon. “Consequently customers continue to consolidate, rationalise and review their supply chains for efficiencies and cost savings. The recent slow downs in both the US and China will also become a drag on potential growth. However, we believe that long term growth prospects remain good on the back of our product technologies, innovation and customer service.”

According to Mackinnon, the company is “investing additional efforts in larger scale new product development and the commercialisation of this work, as well as placing a greater emphasis on partnerships, joint ventures and acquisition activity”.