The UK arm of Nestlé almost doubled its profit in its latest financial year as sales passed £2bn, the company has revealed.
The York-headquartered division reported a pre-tax profit of £162.4m for 2023, up from the £82m it achieved in 2022.
According to newly-filed accounts with Companies House, the UK arm’s turnover also increased from £1.97bn to £2.12bn over the same period.
A statement from the company said: “Following a very tough year in 2022 there has been a significant improvement in operating profit in 2023 as a result of a combination of factors.”
Nestlé has posted an operating profit of £150.7m for the year, up from £63.5m and added that it incurred restructuring costs of £37m in 2023.
It also received a dividend of £145.5m from its subsidiary companies, up from £44.3m.
Future remains ‘extremely challenging’ – Nestlé
On its future, Nestlé said: “The external environment remains extremely challenging.
“Inflationary pressures, increased costs, the impacts of climate change and a range of supply chain complexities and geopolitical uncertainties will continue to put pressure on the company.”
Earlier this month Nestlé revealed plans to invest more than £150m to transform one of its major sites in the UK.
The food and drinks giant is to upgrade its Nestlé Purina Petcare factory in Wisbech, Cambridgeshire, home to pet food brands including Felix, Gourmet and Winalot.
Nestlé’s UK results come after the UK arm of Nespresso, which is owned by the group, also boosted its sales and profit during its latest financial year.
Nespresso grew its pre-tax profit for the 11th year in a row while its turnover has continued its run of increasing every year that records are available on Companies House.
It reported a pre-tax profit of £14m for 2023, up from the £13.3m it posted in 2022. Its turnover has also risen from £329.9m to £338.6m.
It was also recently revealed that Mindful Chef, which is also owned by Nestlé, cut its annual loss despite its sales also falling.
The London-headquartered business reported a pre-tax loss of £1.7m for 2023, after also losing £7.4m in 2022. Mindful Chef’s turnover fell from £58.8m to £50.9m in the year.