By Jon Robinson
UK sales have surged past £500m at the owner of confectionary brands such as Ferrero Rocher, Nutella and Kinder Surprise, according to new accounts.
Ferrero UK, which also owns Thorntons and Tic Tacs, has posted a revenue of £557.5m for the year to August 31, 2023, up from £473.4m.
Pre-tax profits at the Middlesex-headquartered business also increased from £10.8m to £15.8m over the same period, according to newly filed accounts with Companies House.
Ferrero said the increase in its revenue was due to “higher volumes sold coupled with a stronger product mix and the integration of Eat Natural products”.
In separate accounts, chocolatier Thorntons reported revenue of £65.9m, down from £76.5m, but its pre-tax profits increased from £1.8m to £2.6m.
Ferrero UK acquired the British brand for £112m in 2015. Thorntons has its main factory in Alfreton, Derbyshire.
A statement signed off by Ferrero UK’s board said: “Financial year 2022/2023, like its predecessor, saw challenges for all industries and businesses 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.”
During the year, the average number of people employed by the business increased from 286 to 322.
On its future, Ferrero added: “The Ferrero Group continues to invest significantly in the UK, including the acquisition of Fulfil Nutrition to compliment 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 in the sweet packaged foods market; this will take time, investment and commitment and the company will take a long-term view.”
