RPT-UPDATE 1-Glisten profit up 18 pct despite tough conditions

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LONDON, Sept 8 (Reuters) - Snack maker Glisten (GLI.L: Quote, Profile, Research, Stock Buzz) said annual profit rose 18 percent, as expected, and that its focus on the healthy and premium snack sector would deliver further growth despite the tough economic climate.

Glisten, which makes chocolate and sugar-based confectionery as well as organic and natural health bars, reported pretax profit of 6.68 million pounds on revenue 26 percent higher at 73.8 million.

A poll of five analysts conducted by the company, whose brands include Fruitus, SunMaid and Halo, forecast an average pretax profit of 6.72 million pounds.

Glisten said it coped well with turbulence in the food market and rising raw materials costs because of its diverse customer base and focus on certain parts of the impulse foods market.

"Our focus on producing affordable treats, many with a healthier dimension, will underpin our continued ambitions for Glisten as these sectors tend to hold up well during more demanding economic conditions," Paul Simmonds, Glisten's Chief Executive said in a statement.

The Leeds-based company said sales in its confectionery division were up 8.2 percent at 32.8 million, while revenues at fruit and cereal snacks sales came in 3.5 percent higher at 29.4 million. Savoury snacking, which was acquired in 2007, delivered 42 week sales of 11.75 million, strongly up on the previous year in private ownership, said the group.

Glisten, which makes over 1,000 products sold both in the UK and to 23 other countries, said it "recognises that some consumers' buying habits will adjust during the next financial year". It said overall sales were up 15 percent in the first nine weeks of the current year but with no like-for-like growth.

Glisten's stock, which closed at 253-1/2 pence on Sept. 5, has underperformed the FTSE All Share Food Producers Index .FTASX3570 by 20 percent since the start of 2008.

The AIM-listed group hiked the final dividend to 1.15 pence from 1.1 pence last year. (Reporting by Rhys Jones; Editing by Louise Ireland)