Zetar FY10 Profit Surges On New Products; Strong Start To FY11

21st Jul 2010 08:55

LONDON (Dow Jones)--U.K. confectionery and snack foods company Zetar PLC (ZTR.LN) Wednesday announced a solid start to current year trading, as it posted a surge in 2010 fiscal-year pretax profit as a result of higher sales driven by cheaper ranges. Zetar, which makes Kinnerton chocolate and also has a natural snacks business, said sales in the first 11 weeks of the 2011 fiscal year rose 11% on the year to GBP16.2 million. While it remains cautious of its prospects due to the uncertain economic outlook, its board anticipates further growth in the current year. The company expects to seal a new four-year bank facility with HSBC (HSBA.LN) soon, which it said is at competitive rates and will provide the funds needed to support its growth plans. Zetar's pretax profit from continuing operations nearly trebled to just under GBP6 million in the year to April 30. Sales of its chocolates, which include The Simpson's and Hello Kitty ranges, climbed 11% to GBP131.9 million, boosted by product innovation and the launch of cheaper economy ranges. Zetar said the outlook for the new financial year is positive, with encouraging indications for Christmas, which is when it seals a large slice of annual sales from advent calendars. -By Hannah Benjamin, Dow Jones Newswires; 44-20-7842-9298; [email protected] Order free Annual Report for HSBC Holdings plc Visit http://djnweurope.ar.wilink.com/?ticker=GB0005405286 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 21, 2010 03:55 ET (07:55 GMT)