Sukin skincare products owner BWX Ltd (ASX: BWX) today reported a 104% increase in revenue for its 2018 financial year with a normalised profit of $40 million, up 52%.
In an announcement to the ASX, BWX also announced a final dividend of 4.2 cents per share fully franked. That takes its full-year dividends to 7.45 cents, the company said.
Analysts data collected by Bell Potter expected the company to report a profit of $26.9 million.
BWX Chairman Denis Shelley wrote to shareholders, saying, “fiscal 2018 was a very pivotal year for BWX”.
“In keeping with our stated strategy of building a global portfolio of high‐growth potential brands in the natural space we entered 2018 fiscal having just acquired the USA’s No.1 Natural Cosmetic brand, Mineral Fusion.”
Acquisitions and international growth are the focal points in BWX’s strategy, Shelley said. In addition to Mineral Fusion, Andalou Naturals and Nourished Life joined the BWX network.
“Geographical expansion remains a key element of our growth strategy and in 2018 we continued to make significant progress in expanding our Sukin brand into new markets, whilst consolidating its position in territories already acquired,” Chairman Denis Shelley said.
In May, BWX received a takeover offer from two senior BWX executives. The deal is being backed by private equity company Bain Capital and is priced at $6.60, but it is subject to conditions including due diligence.
Mr Shelley said a strategic review is being undertaken by an independent board committee and is expected to be completed by Mid-September.
“There is no guarantee that a binding change of control proposal from the Bain Consortium, which is capable of being put to shareholders, will eventuate,” Shelley noted. As such, Shelley concluded, the BWX board has recommended shareholders take no action.
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