Haribo has sweetened its top line as continued demand for its products pushed market share to a new record.
Revenues soared another 24% (on top of a 17% jump in 2022) to £270.8m in the year ended 31 December 2023, with domestic sales up 24% to £258.6m and exports growing 20% to £12.2m, according to newly filed Companies House accounts.
The company achieved a record market share of 21%, with five of the top 10 selling products in the category being Haribo or Maoam lines.
Growth was also helped by a tenth retail store opening in Portsmouth, the launch of seasonal treats, and new products being added to portfolio.
Haribo said 2023 had been “a strong year for the company”.
However, gross margins were hit by inflation that the business was not able to fully recover in the year, meaning operating profits nudged up by £1m to £32.9m.
“In the last year we have continued to produce well-loved treats in our Yorkshire sites for everyone to enjoy, helping create more moments of childlike happiness across the UK,” said UK & Ireland MD Jon Hughes.
“We are proud to expand this mission both through our investment in a new warehouse and local community initiatives, symbolising our commitment to Yorkshire for the long term as a responsible manufacturer and employer.”
Haribo opened two new production lines in its Pontefract factory in 2023 to meet growing demand, and was granted planning permission in January this year for a new warehouse at its Castleford site, which will give a boost to volumes of finished product and allow the business to stock more raw materials and packaging.
The company also revealed further progress in its carbon reduction plan, with Haribo UK reporting a 4% reduction in CO2 per tonne produced.
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