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Swizzels Matlow sees profits halve despite sales surge to nearly £100m

2025-05-11 17:08:22 By

Assortment of Swizzels Matlow retro sweets and chews

Swizzels Matlow, the confectionery company known for Love Hearts and Refreshers, saw its profits halved in its most recent financial year, despite a surge in sales to nearly £100m. The firm, based in the Peak District, reported a pre-tax profit of £4.4m for 2023, a significant drop from the £8.2m recorded in 2022.

According to recently filed accounts at Companies House, Swizzels Matlow's turnover rose during the same period from £89.3m to £96.6m, as reported by City AM.

The company's UK turnover increased from £76.6m to £80.8m over the year, while its European sales also grew from £10.1m to £13.2m. However, its sales in other global markets remained steady at £2.6m.

Over the course of the year, the average number of employees at Swizzels Matlow increased from 561 to 578.

These results follow the completion of a new manufacturing and warehouse site in Middlewich, Cheshire. The new facility is expected to significantly boost production capacity, according to Swizzels Matlow.

A statement approved by the board read: "The group continues to invest heavily in new equipment in order to improve efficiency and product quality."

During the year, Swizzels Matlow reached an agreement with M&S following accusations that it had copied its Percy Pig sweets. As part of the "amicable resolution", Swizzels Matlow agreed to alter the design of its Pigs Mugs sweets.

M&S initially claimed in November 2022 that the sweets were too similar to its own.

As per a 37-page document submitted to the High Court in London, since its inception in 1993, the Percy Pig brand has amassed a turnover of £131.7m.

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Manufacturing

Shortlist revealed for Black Country Chamber Business Awards

2025-05-11 17:08:22

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Manufacturing

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Manufacturing

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Manufacturing

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Manufacturing

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Manufacturing

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Manufacturing

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Manufacturing

Glenfiddich and Hendricks Gin maker sees sales near £2bn as profit tops £500m

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Manufacturing

Hula Hoops maker KP Snacks reports profits of almost £100m

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Manufacturing

Bank of England printer De La Rue agrees to £300m breakup

2025-05-11 17:08:22

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