McVitie’s: Record revenue for owner Pladis as profit jumps
Revenue at the owner of McVitie’s and Jacob’s Cream Crackers jumped to a new record in 2024 as its profit also surged, Morning Wire can exclusively reveal.
London-headquartered Pladis, the snacking group whose brands also include Flipz, Godiva and Ülker, has posted a revenue of £3.23bn for its latest financial year, new accounts have confirmed.
The latest total is a 17 per cent increase on what the group achieved in the prior 12 months.
The owner of McVitie’s said its growth was riven by its international markets and “strong consumer demand”.
The new accounts, seen exclusively by Morning Wire, also show that the group’s pre-tax profit jumped by 38 per cent to £180.9m in 2024 and its headcount grew from 15,077 to 15,520.
Pladis’ operating profit also rose by four per cent to £344.4m while its EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 11 per cent to £486.9m.
The group pointed to “several new product innovations” for its growth such as the introduction of a ‘Cola Bottle’ flavour for Jaffa Cakes.
The results come after it was announced in July that the owner of McVitie’s was to invest millions in the UK despite the latter’s boss ‘dunking’ on the UK as an investment destination last year.
Pladis is to funnel £68m into its facilities, including £21m for its Jaffa Cake factory and £33m for the home of Jacob’s Cream Crackers.
The funds will be used to increase capacity, capability and productivity through the introduction of more automated lines and updated factory infrastructure, the company said.
The news came just months after McVitie’s boss slammed the UK as an investment destination, warning that it had become less attractive as a place to do business.
McVitie’s owner ‘investing now to fuel our growth tomorrow’
Chief financial officer Sridhar Ramamurthy said: “2024 represented another year of strong progress for Pladis as we cement our position as one of the fastest growing global snacking companies.
“Our iconic brands continue to delight billions of consumers each year, and our focus on innovation means we have the agility to respond to consumer desire for both indulgence and healthier snacking.
“Our performance is testament to the hard work and dedication of our 16,000 colleagues and is a great achievement given the challenging macroeconomic environment, including cocoa price inflation and currency fluctuations.
“While maintaining financial discipline, we are investing now to fuel our growth tomorrow, including in digital infrastructure, research and development and brand advertising.
“Looking ahead, we have a clear strategic growth plan which underpins our ambition, enabling us to capitalise on our leading market positions and the unique growth opportunities available to us as we harness the momentum we are building.”
Its latest set of results come on the back of Pladis’ recent announcement to invest £68m to bolster its operations in the UK.
Founded in 2016, Pladis is currently the fourth largest sweet biscuit maker globally and seventh largest chocolate manufacturer.