THE firm behind McVitie’s and Jacob’s Cream Crackers is in the pink thanks to a boost from new products such as Cola-flavoured Jaffa Cakes and Dubai chocolate.
Pladis, which also owns Carr’s and Godiva, saw pre-tax profits soar 38 per cent last year to £180.9million.
Revenues rocketed 17 per cent to £3.23billion for the firm, which has pledged to invest £68million into its British business.
The Turkish-owned group said strong demand and “product innovations” had bolstered growth.
These included a Cola Bottle flavour for its Jaffa Cakes and a new snack range called Jacob’s Bites.
It also became one of the first confectionary firms to take the Dubai chocolate trend mainstream through its Ülker brand in Turkey.
It shipped 3,176 tons of the green pistachio-flavoured treat between August and December last year.
Pladis finance chief Sridhar Ramamurthy said its “strong” results would help cement its position as one of the world’s fastest-growing snack firms.
He said its focus on innovation meant it could meet consumer desire for both indulgence and healthier snacking.
Pladis plans to spend £21million on its Jaffa Cake factory in Stockport, Gtr Manchester, £33million at its Liverpool site, where Jacob’s Cream Crackers are made, and £2million at the world’s oldest biscuit factory in Carlisle, Cumbria.
IT’S CLOSE CALL
ANOTHER bank says it will have to increase the amount of money it is setting aside for the car finance compensation scheme.
Close Brothers said yesterday it is now expecting to face a bill of about £300million to cover costs — nearly double its original £165million estimate.
It comes after Lloyds questioned the Financial Conduct Authority’s figures for how much the scheme would cost banks.
HIRED? NO, A.I.
A PET insurance company is to cap its staff at 100 to encourage them to use artificial intelligence to do any excess work.
Waggel, which insures more than 20,000 pets in Britain, was set up by former The Apprentice candidate Ross Fretten in 2018, with business partner Andrew Leal.
Andrew said: “For us, success is about growing quality of service, not headcount. We believe AI hugely contributes to that.”
HOMEWRECK ECO SCHEME
MORE than 20,000 homes were left with serious faults including damp, mould and fire safety risks under a government-backed eco programme.
The National Audit Office report said 98 per cent of properties fitted with external wall insulation under the Energy Company Obligation scheme were hit.
It was meant to help low-income homes unable to afford energy improvements.
Ofgem and the Department for Energy Security and Net Zero have suspended “cowboy” offenders and promised to repair affected properties.
