COSMETICS firm Swallowfield, based in Wellington, has announced a large increase in revenue and another increase in profits.

The company, whose customers include many of the world’s leading brands, posted a 10.1% increase in revenues (£54.5m) and a third consecutive profit increase (£1.79m) year-on-year in its final results for year ended June 2016.

The Alternative Investment Listed company is a market leader in the development, formulation and supply of personal care and beauty products.

Key to growth has been developing innovative products, making use of Swallowfield’s expertise in areas such as aerosols and hot pour technology, boosting volume and reputational value in delivering major products for household name global brands.

The company also saw success in winning a number of pieces of new business, which created a peak in new product launches, particularly around the reporting date.

The Real Shaving Company brand, which was acquired in May 2015 and now sponsors the Somerset Cricket Club Nat West T20 series, has also performed to expectation.

Chief executive Chris How said: “It has been a busy and successful year for the group with the continued execution of our stated strategy driving strong sales growth and profitability increasing significantly and slightly ahead of expectations.

“Over the course of the year we have strengthened both sides of our business with an improved ability to deliver the innovation, quality and service requirements of our core business customers alongside the good progress made on our owned brands. The acquisition, post year-end, of Brand Architekts, has enabled us to build on this positive momentum and accelerates our growth.”

He added: “Our core customers are brand owners who require a constant stream of product innovation to remain competitive and we have built a reputation as a valuable partner in this process.

“During the reporting period we introduced a number of new products across a range of key customers and secured agreements for future supply of several haircare products to major premium brand owners which will continue to positively impact business performance in 2017.”

In another development, Swallowfeld has recently delivered its first orders under a partnership agreement with a leading US aerosol manufacturer, which enables production of formulations in the USA adapted to US regulatory requirements which, in turn, allows European-based customers to launch their products in North America.