Trading Update: Lees Foods announces Record Sales

Coatbridge / UK. (lf) Lees Foods PLC, owners of Lees of Scotland and The Waverley Bakery has announced an update to its 2009 trading performance. Group sales from continuing operations closed at 18,2 million GBP for the year to December 2009 which compares to 16,1 million GBP in 2008, an increase of 13 percent. In addition 2009 sales are around five percent ahead of current market forecasts. This was due to exceptionally strong sales in the lead up to Christmas and was also helped by an unexpected increase in the number of customers ordering stock at the year end for January promotions. Continuing pre tax profits for 2009 are expected to be well ahead of market expectations. CEO Clive Miquel: «We are pleased to report a strong second half performance in 2009 that has led to excellent sales both at Lees of Scotland and The Waverley Bakery. In the current economic climate our strategy has been to focus on our core operations, and this combined with the development of new products allowing us to sell into new product categories, has resulted in a record year for sales at Lees».