Swinton boosts profits to £34m in 2011

Swinton’s profits and turnover grew rapidly last year, fuelled by acquisitions, online sales and new product releases.

After-tax profits shot up to £34.3m last year, compared with £28.1m in 2010. Turnover grew 18% to £329m.

Sharholders funds increased to £142m from £124m. The accounts of MMA Holdings UK, Swinton’s parent company, said: “Operating profit before share scheme and exceptional items showed an 80% growth compared to the prior year despite continued challenging market conditions, with a lack of consumer confidence due to the general economic environment continuing to impact on renewal and cancellation rates.

“Significant further investment in marketing and expenditure impacted short-term profitability whilst developing customer numbers for future growth.”