The introduction of white chocolate digestives helped boost the owner of biscuit giant Mcvite’s by almost £130m during its latest financial year.
Pladis Foods has reported a pre-tax profit of £131.3m for 2023, up from the £2.8m it posted for 2022.
Newly-filed accounts with Companies House also show its revenue increased from £2.54bn to £2.75bn over the same period.
Pladis said that its revenue grew because of what is described as innovation across its brands such as introducing new products like Mcvite’s white chocolate digestives.
The group added that it also saw growth in its convenience, impulse and discount channels.
Pladis also credited the success of Mcvite’s white chocolate digestives to being featured in a BBC documentary and “exceeded all sales forecasts”.
Why innovation is important to Mcvitie’s owner
A statement signed off by the board said: “Beyond new products, innovation is integral to the way Pladis operates.
“It reshapes the way the company works, helping to streamline processes, enhances efficiency and facilitate the means through which some of the company’s biggest challenges can be addressed, such as sustainable packaging or the sourcing and inclusion of more natural ingredients.”
The results come after UMV Global Foods Holding Company, which forms part of London-based Pladis, posted a revenue of £1.2bn for the 12 months, up from £1.1bn.
UMV is responsible for making the likes of Mcvitie’s Digestives, Jaffa Cakes, Jacob’s Cream Crackers and Mini Cheddars as well as Carr’s, Mcvitie’s Penguin bars and Jacob’s Twiglets.
The business also reported a pre-tax profit of £17.3m for 2023, up from £600,000. A statement signed off by the board said: “Geographically, the group is well positioned to grow in large, established markets, which it believes will continue to grow in the medium to long term, as well as growing its market positions in higher growth emerging markets.”