LEAVING the EU would not pose major problems for Wellington cosmetics firm Swallowfield which recently announced a large increase in revenue and another increase in profits for the past year.

Chairman Brendan Hynes says in his foreword for the annual report and accounts for 2016: “We have delivered a strong performance in the last financial year and we are confident that our clear strategy leaves us well placed to navigate any potential macro uncertainty in the UK following the result of the referendum on membership of the European Union.

“Our success in winning a number of new contracts to support product launches in the core contract manufacturing business over the last 18 months provides us with a strong pipeline as we move into the new financial year, particularly in H1.

“The integration into our business model of Brand Architekts is progressing very well. Trading momentum across the Brand Architekts portfolio – and indeed our other brands – is in line with our 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 progress made on our owned brands.

“This, combined with the acquisition post year-end of Brand Architekts, which is transformational for our owned brands, gives us confidence that we are well positioned

to continue building shareholder value in the short, medium and long term.”

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