Premium snacks supplier Tyrrells has enjoyed booming sales in its first year under foreign ownership.
Bahraini private-equity fund Investcorp acquired Tyrrells for £100m from Langholm Capital in August 2013, and accounts for the year to 28 March 2014 show the crisp maker has benefited from strong international revenue growth since the deal. Total turnover was up 18% to £40.3m, with UK sales climbing by almost 20% to £31.6m. Sales jumped by 38% to £2.3m in the rest of the world excluding Europe; European growth was more modest at 5.7% to £6.5m.
David Milner, CEO of Tyrrells Crisps, commented: “In our last financial year we expanded our vegetable snack range, including Swanky Vegetable Crisps and Sweet Potato crisps, along with creating a new range of fruit crisps. Over the last year, we have invested heavily in our popcorn range, and as such we have noticed a rise of premium popcorn being consumed.”
Since the closing date of the accounts, Tyrrells has signed its biggest ever export deal, with Australia’s Coles chain, boosted capacity with a £6.5m factory upgrade in Hertfordshire and is planning its first national advertising drive.
Milner said the company had seen strong growth in France and Canada as well as investing in packaging and marketing in existing territories.
”In our last financial year we expanded our vegetable snack range, including Swanky Vegetable Crisps and Sweet Potato crisps, along with creating a new range of fruit crisps. Over the last year, we have invested heavily in our popcorn range, and as such we have noticed a rise of premium popcorn being consumed,” he said.
Pre-tax profits slipped by 9.5% to 3.7m due to exceptional costs of £2.1m primarily related to the Investcorp deal. EBITDA, before exceptional items, was up 18.5% to £8m.
Wages and salaries increased by over 40% to £7.3m (including £1.6m of exceptional payments) and directors pay leapt from £314k last year to £1.6m.
The Tyrrells crisps brand grew by 28% over the last year, according to Nielsen data, more than double the category growth rate of 12.4%.
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