Brits’ sweet tooth help Ferrero Rocher, Nutella and Kinder Surprise sales surge
The British public’s sweet tooth helped sales at the owner of confectionary brands such as Ferrero Rocher, Nutella and Kinder Surprise jump by more than £60m during its latest financial year.
Ferrero UK, which also owns Thorntons and Tic Tacs, has posted a revenue of £624.4m for the 12 months to 31 August, 2024, up from the £557.5m it achieved in the prior period.
The Middlesex-headquartered also struggled of “the ongoing inflationary environment” – which saw its cost of sales rise by more than £70m, to post a pre-tax profit of £21m, up from £15.8m.
The results have been revealed in new accounts filed with Companies House.
The latest turnover figure for Ferrero UK is the fifth consecutive annual rise since its sales fell from £419.8m to £392.2m in the year ending August 2019.
Separate accounts for Thorntons, which Ferrero UK acquired for £112m in 2015, have not yet been filed with Companies House.
A statement signed off by the board said: “The increase in revenue is attributed to the integration of Fulfil products, organic growth in existing business and launch of new product lines: bakery and ice cream.”
Ferrero UK added: “Financial year 2023/24, like its predecessor, saw challenges for all industries and business due to the ongoing inflationary environment impacting the overall cost base.
“Nonetheless, the company was able to deliver positive results by partially absorbing the higher costs rather than passing them fully to the consumers.
“In addition, the company continues to add value to its product ranges with the integration pf Fulfil products and an increased focus on ‘healthier snacking’ ranges.”
On its future, Ferrero UK said: “The Ferrero Group continues to invest significantly in the UK, to complement its strong portfolio of brands and expand into new category segments that meet the evolving needs and trends of its consumers.
“The company has confidence in its strategy for the business in the UK and Ireland and remains focussed on growing its presence n the sweet packaged foods market.”