Profit at KP Snacks surged to almost £100 million during its latest financial year, the maker of Butterkist, Pom-Bear and Popchips reported today (3).
The Slough-headquartered business, whose brands also includes likes of Mccoy’s, Hula Hoops and Terrell’s, has reported a pre-tax profit of £93.7m for 2023, up from the £64.3m it achieved in 2022.
Newly-filed accounts with Companies House also show the firm’s turnover jumped from £546m to £626.7m over the same period.
A statement signed off by the board said, “2023 saw significant inflationary pressures in the supply chain, levels not seen since 2008, impacting the whole food industry.
“Pricing, mix, revenue management and cost savings supported the recovery of 2023 inflation.
“Growth was also supported by lapping the KP cyber attack in 2022, which whilst effectively managed, had a significant impact on our business last year.
“KP grew share in 2023 and continued to strengthen its branded position in the UK crisps, snacks, popcorn and nuts market.
“Gross profit margin has increased back to 2021 levels of 47.7 per cent from 46 per cent as a result of mix management with brands growing ahead of own label, the lapping of the cyber attack, cost savings from investments in our sites and brands, manufacturing efficiencies and hedging strategies delaying some inflationary pressures.
“KP Snacks has continued to make major capital investments during the year which aligns to our strategy of being responsible for generations to come alongside a record level of marketing spend to support the growth of our brands.”
