Record sales and profits - despite a background of subdued consumer demand - have been reported by Peter Black, the personal care products, footwear and accessories group.

Figures for the year to January 31 show pre-tax profits up 14.6 per cent to £21.7 million, solid underlying growth in each division and a strong balance sheet following significant capital expenditure.

In the first full year since the acquisition of Ferrosan, turn-over was up 12.9 per cent to £196.2 million, and adjusted earnings per share grew 10.4 per cent to 23.61p.

Peter Black Distribution showed a seven per cent increase in pre-tax profit at £1.4 million, relating to business for customers outside the group.

Chairman Gordon Black says: "Our product and customer base provides balance and resilience. Our consistent record of generating increases in sales and profit in recent years provides substantial assurance that we have the correct strategy in place to maintain the momentum of pro-gress.

"The company is on track for another successful year."

He says Peter Black's strategy is designed to drive the advance of the group in a world where the pace of change and internationalisation is intensifying. "The approach retains two main component parts," he says.

"Firstly the group has positioned itself in product areas which are recession resistant, in that they are everyday essentials rather than high-price luxury items, and where there is a real opportunity to increase market share.

"Secondly, in order to give customers merchandise which represents outstanding value, the group maintains a global and flexible approach to sourcing, based on developing products from the best centres of excellence in the UK and abroad."

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