The launch of white chocolate digestives has significantly boosted the profits of McVitie’s owner, Pladis Foods, by nearly £130m in its most recent financial year.
The company reported a pre-tax profit of £131.3m for 2023, a substantial increase from the £2.8m it posted for 2022, as reported by City AM.
According to newly-filed accounts with Companies House, its revenue also saw an increase, rising from £2.54bn to £2.75bn over the same period.
Pladis attributed this revenue growth to innovative strategies across its brands, such as the introduction of new products like McVitie’s white chocolate digestives.
The group also noted growth in its convenience, impulse and discount channels.
The success of McVitie’s white chocolate digestives was further credited to their feature in a BBC documentary, which led to sales exceeding all forecasts.
In a statement approved by the board, it was emphasised that innovation is crucial to Pladis’ operations.
The statement read: “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.”
These results follow after UMV Global Foods Holding Company, part of London-based Pladis, reported a revenue of £1.2bn for the 12 months, up from £1.1bn.
UMV, the producer of popular snacks such as Mcvitie’s Digestives, Jaffa Cakes, Jacob’s Cream Crackers, Mini Cheddars, Carrs, Mcvitie’s Penguin bars and Jacob’s Twiglets, has reported a pre-tax profit surge to £17.3m for 2023, a significant increase from the previous year’s £600,000.
In a statement approved by the board, it was asserted: “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.”
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