Tesco deal lights up Ronson

12 April 2012

RONSON, the smoking accessories distributor, unveiled a £2m turnaround today and promised a good 2002 as the full benefit of an exclusive supply deal with Tesco kicks in.

Pre-tax profits of £390,000 in the year to December compared with a £1.65m loss in the previous 12 months when the group was hit by delays in new-product development and losses on an e-business venture.

'The recovery is well under way,' said managing director John Graham. Sales in Britain grew by 15.6%, while overseas revenues were boosted by 36.8% thanks to the successful opening of a sales office in Poland. Trading in the first quarter of this year was in line with budget.

Borrowings will increase this year as Ronson, which supplies lighters and cigarette papers, gears up to fund business recovery and product development.

There is no news on a successor to chairman Victor Kiam, who died last May.

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