Creightons, the U.K. maker of personal care, beauty, and fragrance products, reported a decrease in pretax profit for fiscal 2023. The company’s revenue also declined, signaling challenging market conditions. However, Creightons remains optimistic about its ability to respond proactively to these conditions.
Financial Performance
In the period ending March 31, Creightons achieved a pretax profit of £687,000 ($875,375) compared to £3.5 million in fiscal 2022. Revenue decreased to £58.6 million from £61.2 million the previous year. Private label sales dropped to £22 million from £24.9 million due to the absence of a one-off private contract. Additionally, contract manufacturing sales fell by 13% to £13.8 million, reflecting the challenges faced by certain brand owners in the current economic environment. On a positive note, overall branded sales increased by 12% to £22.8 million.
Proactive Management and Future Outlook
Creightons believes its good management practices, strong customer relationships, and solid financial position will enable the company to navigate the current economic situation effectively. The board is confident in Creightons’ ability to proactively address new challenges and capitalize on any emerging opportunities.
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