Sweet profits for snowball firm, Lees

Lees Foods, which makes snowballs and macaroon bars, has reported an increase in annual profits to £612,000 in 2009.

The Coatbridge firm said both companies in the group, Waverley Bakery and Lees of Scotland, enjoyed a record year with sales up 13%.

Lees said during the year it won new export customers in Kuwait, France, USA and Australia.

In September the company's chairman and chief executive, Raymond Miquel, left Lees with a pay-off of £230,000.

Mr Miquel saved Lees from liquidation in 1993 and took the group to market.

He left after a disagreement with the board about the company's direction.

His son, Clive, took over the role of chief executive.

Clive Miquel said: "The market place in which we operate continues to be extremely competitive although the emergence of competition from European manufacturers has eased due to the current strength of the Euro against sterling.

"Whilst some commodity prices and other input costs are not increasing at the same levels seen in recent years, there are a number of cost areas where we are still under pressure."

Mr Miquel added that although the company was concentrating on organic growth, it would look at "acquisition opportunities if and when these arise."