Durex-to-Scholl footcare firm SSL International's first-half profits has jumped 59%
Durex-to-Scholl footcare firm SSL International on Tuesday said first-half profits had jumped 59% as its key brands weathered tough trading conditions.
The company was helped by a weaker pound and overseas acquisitions as it posted pre-tax profits of £51.9 million for the six months to September 30.
Stripping out currency effects, sales of its branded goods grew 3.3% to £321 million as demand for Durex and its Play range of lubricants and sex toys showed little sign of flagging.
Durex condom sales were up more than 4% after a "robust" performance across the range, with particularly strong markets in China, the Middle East and Eastern Europe.
Scholl footcare sales were up 1.9% despite the difficult consumer environment, helped by launches such as the Deo-Activ range of foot deodorants and an improved Cracked Heel Repair Cream.
Shares in SSL gained more than 4% on Tuesday - making it one of the strongest risers in the FTSE 250 - as the firm said it was "well on target" to hit its goal of boosting earnings per share by 50% in the three years to 2012.
"In the current trading environment we are continuing to invest in our brands to ensure that they are well positioned to benefit from any improvement in consumer confidence and expenditure," it said.
Four months of trading from its recent Russian acquisition, BLBV also contributed £10.5 million in operating profits on £45 million in turnover, largely through sales of Durex as well as Evitest pregnancy testing kits.
Cazenove analyst Sally Taylor said SSL had produced "a strong set of interim results with earnings significantly ahead of expectations" and upgraded forecasts for the full year by 5%.
The group was formed through a series of mergers 10 years ago but can trace its history back more than 100 years to when footcare products were first sold under the Scholl brand.
