KFC sheds jobs as UK profit jumps to almost £100m
KFC has shed jobs in the UK and its profit surged to almost £100m during its latest financial year, it has been revealed.
The fast food giant has posted a pre-tax profit of £97.6m for 2024, up from the £59.1m profit it achieved in 2023.
However, new accounts filed with Companies House also show that its headcount fell from 2,690 to 2,518 while its turnover also reduced from £294.5m to £280.2m.
KFC said its turnover fell in the year because of a “combination of reduction in store sales due to trading conditions combined with franchise advertising rights in Germany being transferred to another group entity in 2023”.
During the year KFC completed the acquisition of Clokken and its Irish division from EG Group.
The deal comprised the trade and operations of 216 KFC restaurants.
KFC makes UK jobs pledge
The results come after Morning Wire reported in May that KFC is planning create more than 7,000 jobs in the UK and Ireland over the next five years and open a further 500 restaurants by 2035.
The £1.5bn investment would see £466m go towards opening new locations focusing on building flagship sites and drive-thrus in “key locations” such as Ireland and North West England.
Part of that figure will also be spent on upgrading more than 200 existing KFC restaurants – 20 per cent of the brand’s estate.
KFC added that its plans to create more than 7,000 jobs over the next five years will see it invest £583m.
The brand also said that it will spend £404m to “strengthen KFC’s long-standing relationships with its suppliers and help businesses across the UK&I continue to grow”.
In August, Morning Wire reported that huge dividends from KFC and Pizza Hut helped their owner Yum! Brands more than triple its profit last year.
The group’s European division achieved a pre-tax profit of $1.2bn (£892.7m) for 2024, up significantly from the $317.1m (£235.8m) it posted for 2023.