Lees Foods Plc, owners of Lees of Scotland and The Waverley Bakery, is today giving the following trading update on its performance during the first 6 months of 2011, in advance of the release of the Company’s interim results which will be announced on 28 September 2011.
Group sales for the 6 months to June 2011 closed at £10.22m, in comparison to £9.62m for the same period last year, an increase of 6%. The demand for the Lees range of products continues to be particularly strong and the Company is pleased to report that Lees of Scotland has achieved record sales for the first half of the year.
Commodity prices remain high, although as reported in May the Company has been successful in taking steps to mitigate these. There has been a natural time lag in this process which means pre-tax profits for the first 6 months are likely to be lower than last year, however, the Company remains optimistic in respect of the second half of the year and is confident of achieving current market forecasts for the full year.