Czech expansion helps Swallowfield buck economic downturn
C&T and household goods solutions provider Swallowfield plc has recorded good year-on-year results, due in part to its new operating facility in the Czech Republic. The UK-based company announced a pre-tax profit increase of 42%, from £0.93m in 2007 to £1.32m in the year ended 30 June 2008.
C&T and household goods solutions provider Swallowfield plc has recorded good year-on-year results, due in part to its new operating facility in the Czech Republic. The UK-based company announced a pre-tax profit increase of 42%, from £0.93m in 2007 to £1.32m in the year ended 30 June 2008.
According to chief executive Ian Mackinnon: “The results demonstrate the success of our strategic transformation from a contract manufacturer to a real full service provider, as well as the impact of our wider geographic footprint, particularly in the Czech Republic where we are now servicing existing and new clients since the opening of our operating facility in the country at the beginning of the year.”
Swallowfield has also reduced its net debt by more than a half, from £4.88m last year to £2.42m, the company’s lowest level of debt since 1990, enabling Swallowfield to “invest carefully in new plant and equipment”.