KP Snacks has seen a substantial rise in profits for 2023, reaching close to £100 million.
- The company navigated a significant cyber attack in 2022 with effective management strategies.
- Revenue surged to £626.7 million, demonstrating strong market performance.
- Key measures, including cost savings and strategic pricing, helped mitigate inflationary pressures.
- Sustainability efforts were enhanced, cutting over 100 tonnes of plastic packaging.
In the financial year of 2023, KP Snacks reported a notable rise in pre-tax profit, reaching £93.7 million from the previous £64.3 million in 2022. This substantial increase highlights the company’s resilience in the face of significant challenges.
The company experienced a cyber attack in 2022, which it managed effectively. This incident had a pronounced impact on business operations, yet KP Snacks managed to recover and grow, aided by strategic measures such as revenue management and cost savings.
In terms of revenue, KP Snacks witnessed a surge to £626.7 million from £546 million. This growth, amidst an inflationary environment that affected the wider food industry, was supported by pricing strategies and a diversified product mix that benefited the company’s market share.
KP Snacks also strengthened its position within the UK crisps, snacks, popcorn, and nuts market by increasing its brand presence. A notable achievement was the restoration of the gross profit margin to 47.7%, a level not seen since 2021.
The sustainability push was evident through the reduction of plastic packaging by over 100 tonnes annually, achieved via investments in new flow wrap equipment. This aligns with a broader industry trend towards eco-friendly practices.
KP Snacks demonstrated exceptional business acumen, overcoming significant operational challenges to achieve impressive financial growth and enhanced sustainability.
