The UK arm of Mars Wrigley, which makes the likes of Mars bars and Skittles, has paid out a huge dividend of £600m after a bumper financial year.
The business, which has UK manufacturing sites in Slough and Plymouth, has significantly upped its dividend for 2023, after also paying out £115m in 2022.
The dividend hike comes after Mars Wrigley’s UK turnover rose from £1.23bn to £1.43bn during its latest financial year.
Newly-filed accounts with Companies House also show that its pre-tax profit increased from £117.4m to £245.2m over the same period.
As well as Mars and Skittles, the group’s brands also include M&M’s, Celebrations, Maltesers, Galaxy, Snickers, Orbit and Extra.
Mars bars maker backs itself to maintain high profit
A statement signed off by the board said: “The performance for the period reflects the investment into products, brands, processes and consumer relationships as part of our on-going strategy to reflect and adapt to anticipated changes in consumer attitudes and behaviour, as well as increase the focus of key areas of the market place.
“The business continues to concentrate its research and development efforts on improving its product ranges so it is best placed to service the markets in which it operates.
“The directors consider that the company is well placed to take advantage of changes in the market place and that recent levels of profitability will be maintained.”
During the year the average number of people employed by Mars Wrigley in the UK rose from 1,625 to 1,785.
The results come after Mars announced it was to buy food giant Kellanova for $35.9bn (£27.9bn).
Kellanova, which was created when the Kellogg Co, which was formed in 1906, split into three companies, and owns brands such as Pringles, Cheez-Its and Pop-Tarts.
In a statement, Mars Inc said it will pay $83.50 (£65.02) per share in cash, valuing the company at $35.9bn (£27.9bn).
The deal is expected to close in the first half of next year.