I N V E S T O R B R I E F I N GF U L L Y E A R R E S U L T S – S E P T E M B E R 2 0 1 7

CHIEF EXEC | CHRI S HOWGROUP FD | M ARK WARREN GROUP SALES & MARKET ING DIRECTOR | JANE FLETCHER

D I S C L A I M E R

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A G E N D A

• F Y 1 7 H I G H L I G H T S A N D S T R A T E G Y O U T L I N E

• F I N A N C I A L S

• P R O G R E S S V S S T R A T E G I C P I L L A R S

• O U T L O O K

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F Y 1 7 H I G H L I G H T S

Financial

• Strong revenue growth of +36%, +8% exc. acquisition

• Underlying operating profit +180% to £5.6m

• Adjusted EPS increases by 40% to 17.7p

• Final dividend increased by 52% to 3.5p (Full Year 5.2p, an increase of 68%)

• Further improvement in Net Debt position to £3.6m (< 0.6x underlying ebitda)

Operational

• The Brand Architekts successfully integrated and continuing strong growth momentum

• Prior year gains in % contribution margin further improved despite impact of currency and input price inflation

• Brands now accounting for 24% of sales• Strong new product programmes delivered in

both manufacturing and owned brand businesses

• E-commerce now live across 7 brands • Investment in brand support and organisational capability

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Jan 2014 Aug 2017

C O N S I S T E N T S T R A T E G Y , C O N T I N U E D M O M E N T U M

Market Capitalisation

Fund Raise

£8.6m

£56m

< £10m

Since 2014:

• Re-focused manufacturing business on higher margin, added value product formats

• Leverage capability to build owned brand portfolio

• Successful acquisitions – earnings enhancing, strategy acceleration, smooth integration

• Fund raise leading to reconfigured shareholder base and improved liquidity

• Consistent results delivery: sales, profit, cash, EPS, shareholder value

FY13 FY14 FY15 FY16 FY17

Underlying Operating Profit(£m)

5.6

2.0

1.00.8

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SWALLOWFIELD CAPABILITY PLATFORMConsumer Trends, Innovation/Product Development, Manufacturing, Quality Processes,

Sourcing/Purchasing, Project Management, Logistics, Retailer Relationships, International Footprint, etc.

OWNED BRANDS

VALUE STREAM

• NEW PRODUCT DEVELOPMENT – AT PACE, CONSUMER AND

CUSTOMER RELEVANT

• LEVERAGE SWALLOWFIELD RESOURCES

• INTERNATIONAL

MANUFACTURING

VALUE STREAM

• INNOVATION, QUALITY, SERVICE, TO GLOBAL

BRAND OWNERS

• DRIVE CATEGORY FOCUS

• COST BASE OPTIMISATION

O U R B U S I N E S S M O D E L

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A N I N T E R N A T I O N A L B U S I N E S S

S W A L L O W F I E L D G R O U P

USANEW YORK:

SALES OFFICE

FRANCEPARIS:

SALES OFFICE

U KWELLINGTON: FACTORY AND GROUP HO

BIDEFORD: FACTORY

TEDDINGTON: BRAND ARCHITEKTS

C Z E C H

R E P U B L I CTABOR:

FACTORY

CHINASHANGHAI:

FACTORY (JV)

SOURCING OFFICE

40% of Group Sales ex-UK

16% in $ US

12% in Euros

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F U L L Y E A R R E S U L T S

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F I N A N C I A L S U M M A R Y

9

* Adjusted earnings per share are calculated before exceptional items and amortisation of acquisition-related intangibles

** Underlying operating profit is calculated by adding back the charge for share-based payments to adjusted operating profit. This

measure was adopted as the charge for share-based payments is a material £1.76m (2016: £0.22m), and is intended to provide a

more representative reflection of the trading performance of the Group

# FY2014 revenue adjusted to 52 weeks

F I N A N C I A L O V E R V I E W

I n c o m e S t a t e m e n t

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£m FY17 FY16 Change Change %

Revenue 74.31 54.46 19.86 36%

Contribution margin 23.93 17.38 6.55 38%

Contribution margin % 32.2% 31.9% 0.3%

Total overheads (inc A&P) (18.31) (15.37) (2.94) -19%

Underlying Operating Profit / (loss) ** 5.62 2.02 3.60 178%

Share-based payments (1.76) (0.22) (1.54) -700%

Amortisation of acquisition-related intangibles (0.19) 0.00 (0.19)

Exceptional I tems (0.34) 0.65 (0.99) -152%

Operating Profit / (loss) 3.33 2.44 0.89 36%

Finance costs (0.17) (0.13) (0.04) -31%

Div idend income 0.10 0.06 0.04 67%

Net Pension Scheme (non-cash) (0.15) (0.09) (0.06) -67%

Profit / (loss) before taxation 3.12 2.27 0.85 37%

Taxation (0.54) (0.27) (0.27) -100%

Profit / (loss) after taxation 2.57 2.00 0.57 29%

Earnings per share * pence 17.7 12.6 5.1 40%

Underlying EBITDA ** 6.92 3.28 3.64 111%

Adjusted EBITDA * 5.16 3.05 2.11 69%

* Adjusted operating profit, EBITDA, and adjusted earnings per share are calculated before exceptional items and

amortisation of acquisition-related intangibles

** Underlying operating profit and EBITDA is calculated by adding back the charge for share-based payments to

adjusted operating profit. This measure was adopted as the charge for share-based payments is a material £1.76m

(2016: £0.22m), and is intended to provide a more representative reflection of the trading performance of the Group.

F I N A N C I A L O V E R V I E W

B a l a n c e s h e e t

£m As at Opening Acquisition As at

24 Jun 2017 Proforma 27 Jun 2016 25 Jun 2016

Non-current assets Tangible assets 11.08 10.88 0.03 10.85

Intangible assets 9.15 9.36 8.19 1.17

Other 1.98 1.27 - 1.27

22.21 21.51 8.22 13.29

Current assets Inventories 11.43 11.46 2.42 9.04

Trade and other receivables 16.34 18.69 3.33 15.36

Cash and cash equivalents 4.06 1.63 0.83 0.80

31.83 31.78 6.58 25.20

Current liabilities Trade and other payables 16.06 18.73 2.74 15.99

Deferred consideration 1.85 1.85 1.85 -

Borrowings - Invoice discounting 5.61 4.55 - 4.55

Interest-bearing loans and borrowings 0.53 0.53 0.39 0.14

Other 0.16 0.02 - 0.02

24.21 25.68 4.98 20.70

Non-current liabilities Borrowings 1.56 2.05 1.61 0.44

Other 6.20 4.56 - 4.56

7.76 6.61 1.61 5.00

Net assets 22.07 21.00 8.21 12.79

Net Debt 3.64 5.50 1.17 4.33

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S E G M E N T A T I O N

S A L E S F Y 1 7P R O F I T F R O M O P E R A T I O N S *

F Y 1 7

PERSONAL CARE

AEROSOLS

52%

COLOUR

COSMETICS

& PENCILS

14%

FRAGRANCE & GIFTING

17%

PREMIUM LIQUIDS/ TUBES

5%HOT

POUR

6%

MANUFACTURING

76%

BRANDS

24%BRANDS

38%

MANUFACTURING

62%

* Excluding Eliminations and Central Costs

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M A N U F A C T U R I N G S A L E S B R E A K D O W N F Y 1 7

B Y P R O D U C T T Y P E B Y C U S T O M E R T Y P E *

PERSONAL CARE

AEROSOLS

52%

COLOUR

COSMETICS

& PENCILS

14%

FRAGRANCE & GIFTING

17%

PREMIUM LIQUIDS/ TUBES

5%HOT

POUR

6%

PERSONAL CARE

AEROSOLS54% (56%)

HOT POUR6% (6%)

PREMIUM LIQUIDS/TUBES/ROLL

-ONS7% (7%)

FRAGRANCE & GIFTING

15% (17%)

COLOUR COSMETICS &

PENCILS18% (14%)

PRESTIGEBRANDS 29% (27%)

MASS BRANDS 32% (29%)

BEAUTY / FASHIONRETAILERS 32% (36%)

GROCERYRETAIL7% (8%)

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FY16 prior year comparative shown in ( )

B R A N D E D S A L E S

S A L E S F Y 1 7

PERSONAL CARE

AEROSOLS

52%

COLOUR

COSMETICS

& PENCILS

14%

FRAGRANCE & GIFTING

17%

PREMIUM LIQUIDS/ TUBES

5%HOT

POUR

6%

INTERNATIONAL24%

UK NON-FOOD

RETAIL19%

MANUFACTURING59%

UK GROCERY RETAIL

57%

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P R O G R E S S V S S T R A T E G I C P I L L A R S

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OWNED BRANDS

• NEW PRODUCT DEVELOPMENT – AT PACE, CONSUMER AND

CUSTOMER RELEVANT

• LEVERAGE SWALLOWFIELD RESOURCES

• INTERNATIONAL

MANUFACTURING

• INNOVATION, QUALITY, SERVICE, TO GLOBAL

BRAND OWNERS

• DRIVE CATEGORY FOCUS

• COST BASE OPTIMISATION

P R O G R E S S V S S T R A T E G Y

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• 15 months since acquisition

• Customer and Supply Base supportive

• Teddington team settled and focused, excellent interaction between the two teams and

founders

• Pre-acquisition growth momentum continues

• All key brands showing year on year growth

• Original Swallowfield owned brands have completed management transition to Teddington

S W A L L O W F I E L D A N D B R A N D A R C H I T E K T S :

A N E X C I T I N G C O M B I N A T I O N

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O W N E D B R A N D S :

N E W P R O D U C T D E V E L O P M E N T

• Brand Architekts: 78 new sku’s launched in FY17 across 11 brands

• Wide range of new concepts and formats offering consumers both indulgence and

performance

• The Real Shaving Company new gift range successfully launched

• Significant growth of value ranges in value retail channels

• Brand Architekts year on growth >20%. Original Swallowfield brands have doubled sales

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O W N E D B R A N D S :

L E V E R A G I N G S W A L L O W F I E L D R E S O U R C E S

• First Swallowfield produced and many more live projects for FY18

production

• Supply Chain team driving margin improvement and cost savings

• China freight volumes consolidated and re-negotiated

• PR / Marketing / Digital agencies now fully consolidated

• Digital communications and e-commerce launched for Bagsy, Dirty

Works, Kind Natured, Quick Fix, SuperFacialist to add to The Real Shaving

Company, MR. launched in FY17

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O W N E D B R A N D S :B U I L D I N G B R A N D E N G A G E M E N T A C R O S S e -

C H A N N E L S

£

Period

FY 2016 & 2017 Online Sales

Value by Month

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F U R T H E R D E V E L O P I N G T H E e - C O M M E R C E

O P P O R T U N I T Y

• Swallowfield acquired a 70% share in Sterling Shave Club Ltd. in

September

• Modest scale business at this stage but in fast growing and high profile

sector

• Very British antidote to very American marketing of other brands in the

sector

• Consideration directed at supporting business growth plan

• Opportunity to develop subscription model to broader range of

product categories

• Opportunity to learn and develop e-commerce expertise to apply to

other Swallowfield brands

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O W N E D B R A N D S :

I N T E R N A T I O N A L D E V E L O P M E N T

• Very strong YOY growth on Brand Architekts portfolio (particularly USA, Turkey)

• Takes international sales on all owned brands to 24% of segment sales

• New geographies opened (Netherlands, South Africa, France)

• Bagsy launched in Monoprix in April and AS Watson Marionnaud, Czech

Republic in October.

• Dirty Works launches in Monoprix and Di, Belgium in October

• Christmas gifts extended to 12 countries

• First time participation in major trade fairs (ECRM Monaco, Cosmoprof Bologna)

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M A N U F A C T U R I N G : I N N O V A T I O N

• Formulation innovation remains key differentiator in customer

proposition

• Plastic aerosol volumes continue to grow – new projects in play with

two other global brand owners

• c.200 Swallowfield developed new products sold in the year

• Particular success in aerosols and hot pour product formats

• Similar pipeline for FY18

• Close to 70% of manufacturing business now with global brands

owners

Share of

Manufacturing

Business

FY17 vs FY16

Prestige Brands 29% vs 27%

Mass Brands 32% vs 29%

Fashion &

Beauty Retail 32% vs 36%

Grocery Retail 7% vs 8%

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M A N U F A C T U R I N G : D R I V E C A T E G O R Y F O C U S

Drive

Categories

Aerosols – Personal Care

Hot Pours

Cosmetic Pencils

Colour Cosmetics

Fragrance & Gift

Roll-Ons

Premium Tubes & Liquids

• Most ‘drive’ categories in growth

• Programme delivered to increase wood pencil capacity and

cost efficiency to meet growing demand

• New customers and contract extensions

• Particular success in haircare and brow in aerosols and hot

pour

• Further improvement in service levels and customer reputation

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M A N U F A C T U R I N G : C O S T B A S E O P T I M I S A T I O N

• Energy saving improvements continue at Wellington site

• Line efficiency programmes continue to contribute to margin improvement

• Pencil automation in Bideford decreases cost per unit and increases capacity

• Tabor site creates alternative option for a major customer as they seek alternatives to dollar

denominated China supply

• Further FY18 Projects to support The Brand Architekts products and drive automation incl. first

investments in robots

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O U T L O O K

• Strong momentum on branded business expected to continue, supported by a steady stream

of NPD that signals continuing innovation flow and strong retailer support.

• Manufacturing outlook is solid with steady flow of new contract wins and launches balancing

against normalisation of prior year launch pipeline fills

• Both businesses have been by impacted by increasing material / packaging costs resulting

from fall of sterling and global inflationary pressures. Mitigating measures taken plus underlying

trading momentum should compensate.

• We therefore expect to see further sales and profitability growth in FY18, as planned.

• Appetite for further acquisitions post Brand Architekts integration.

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CHRIS HOW CHIEF EXECUTIVE OFFICER

Chris joined the Company as Chief Executive in July 2013. He has extensive international experience across the personal care and

household sector, having held senior General Management and Sales & Marketing positions with PZ Cussons and Colgate Palmolive. Chris has previously been Managing Director PZ Cussons Australia; Regional Director PZ Cussons Europe, Asia, South Pacific; Managing

Director PZ Cussons UK; General Manager, Colgate Palmolive Benelux; as well as holding European and UK Sales Director positions

within Colgate Palmolive. Chris is a member of the Cosmetics, Toiletries and Perfumery Association (CTPA) executive.

I N T R O D U C T I O N S

MARK WARREN BSC (HONS) FCCA | GROUP FINANCE DIRECTOR

Mark joined the Company in January 2010 as Group Finance Director. Mark has extensive financial, commercial and operational

management experience from across a range of customer oriented businesses operating in global markets. Mark previously held senior roles in GEC plc, Whitbread plc, Interbrew SA, Alpharma Inc. and Actavis.

JANE FLETCHER BSC (HONS) | GROUP SALES AND MARKETING DIRECTOR

Jane joined the Company in 1996. She started her career in textile buying and gained valuable experience at Marks and Spencer

buying clothing, household goods and beauty products. She joined Swallowfield as a Business Development Manager on the retailside and progressed to a Sales Director role in 1999 covering both brands and retail. Jane was promoted to the Board in October

2004. Jane has over 20 years’ experience in the industry. She is a specialist in beauty & personal care and has extensive experience of

the product development process, working with both brands and retailers in the domestic and international markets.

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BRENDAN HYNES MBA, FCMA | NON-EXECUTIVE CHAIRMAN

Brendan joined the Company as Non-Executive Chairman on 1st July 2013. He is also currently the Senior Independent Non-Executive Director and

Chairman of the Audit Committee of Churchill China plc, Non-Executive Director of private, online education business “Webexaminer”; and a

member of the Criticaleye Advisory Board. He was CEO of Nichols plc from 2007 to 2013 having previously been Group Finance Director. He has plc

main board experience across a range of other sectors including TMT, retail, consumer goods, buildings and automotive. Previous roles have included

Executive Director at Knowledge Management Software plc and Group Finance Director at William Baird plc a branded clothing business and

Director of the Consumer, Retail and Distribution (CRD) practice of PricewaterhouseCoopers advising Times 100 companies. Brendan chairs the

Nomination Committee and is a member of the Audit and Remuneration Committees.

S T R O N G , E X P E R I E N C E D N O N - E X E C T E A M

ROGER MCDOWELL | NON-EXECUTIVE DIRECTOR

Roger was reappointed to the Board in March 2012 having previously served as a Non-Executive Director from July 2011 to January 2012. Roger is an

experienced director of over 30 years' standing: he led the Oliver Ashworth Group through dramatic growth, main market listing and sale to St.

Gobain, following which he was appointed to a number of non-executive roles, including chairmanships in both public and private equity backed

businesses. He is currently Chairman of Avingtrans plc, and is Senior Non-Executive Director of Servelec Group plc and Tribal Group plc. He is also a

Non-Executive Director of D4T4 Solutions plc and Proteome Sciences plc. Roger chairs the Remuneration Committee and is a member of the Audit

and Nomination Committees.

EDWARD BEALE | NON-EXECUTIVE DIRECTOR

Edward joined the Company as a Non-Executive Director on 1 July 2014. Mr Beale is a Chartered Accountant and is the Finance Director of Marshall

Monteagle plc. He is a member, previously chairman, of the Corporate Governance Committee of the Quoted Companies Alliance. He was a

member of the Accounting Standards Board of the Financial Reporting Council for six years to 31st August 2013. He is a non-executive director of

London Finance & Investment Group P.L.C., Western Selection P.L.C., Heartstone Inns Limited, and some of their subsidiary and associated companies.

Edward chairs the Audit Committee and is a member of the Remuneration Committee.

FRANKLIN BERREBI | NON-EXECUTIVE DIRECTOR

Franklin joined the Company in July 2010 and brings a wealth of international experience in the consumer goods market having spent 33 years with

L’Oréal, latterly as the Managing Director of L’Oréal Consumer Goods Europe. Since retiring from L’Oréal in 2004 Franklin has worked with AXA Private

Equity (now Ardian) and Activa Capital, and sits on the Board of a number of companies. Franklin is a member of the Audit, Remuneration and

Nomination Committees.

29