Tony’s Chocolonely delivers record revenue growth as it scales ‘impact’ model 

Tony’s Chocolonely, the impact company that makes chocolate, has reported a record 23 per cent rise in chocolate revenue, reaching an annual revenue of €150 million (£128m).

Key growth contributors included a successful launch into the chocolate snacking market with Tony’s Lil’ Bits and particularly strong revenue growth in the UK, the US and Germany.

The company’s annual FAIR report for 2022-23 has also showed the largest annual increase in Tony’s Mission Allies (other brands sourcing cocoa via Tony’s Open Chain) to date, with six new partners joining their collaborative industry initiative Tony’s Open Chain.

More than 17,000 farmers (+20% YoY) now benefit from Tony’s 5 Sourcing Principles, including receiving living income pricing for all cocoa sold via Tony’s Open Chain.

“As an impact-led company that wants to drive change across the whole industry, we must prove that ending exploitation of West African farming families can come in parallel with good returns for shareholders, impactful careers for employees and care for our planet,” Douglas Lamont, Chief Chocolonely, said.

“Our results this year demonstrate yet again that partnering with others in the cocoa supply chain and balancing the needs of all our stakeholders is both the right thing and the smart thing to do, to build a successful impact company over the long term”

In 2022-23, the premiums paid upped the cocoa income earned by farmers supplying to Tony’s Open Chain in Côte d’Ivoire by 51 per cent as a result of both Tony’s and its Mission Allies paying the Living Income Reference Price (LIRP), which is higher than the national farmgate price and the Fairtrade price – enabling farmers to reach a living income.

Maintaining the LIRP regardless of national cocoa prices, could be a potential game changer for farmers if adopted industry wide, the company noted.

Partner co-operatives within Tony’s Open Chain showed a significantly lower prevalence of child labour at 10.5 per cent versus the industry average of 46.7 per cent. Encouragingly, Tony’s long-term partner co-ops (3+ years) have an even lower rate of 4.4 per cent, demonstrating the ability to effectively reduce child labour if Tony’s 5 Sourcing Principles are successfully applied.

Detailed satellite mapping and deforestation reviews have confirmed that Tony’s supply chain is deforestation free, resulting in 87 per cent lower emissions in Ghana and 95 per cent lower emissions in Côte d’Ivoire than most other cocoa sold in the same region. To go further, the company signed up to the maximum scope 1&2 science-based emission reduction target (42% by 2030 for SMEs).