Sales of Tyrrells snacks jumped by 25% in the run up to its £300m sale to US owner Amplify Snack Brands, newly filed accounts have revealed.
Overall turnover, net of discounts and promotional costs, leapt by 25% to £61.6m as the brand grew at home and abroad in the year to 1 April 2016.
Tyrrells states in the accounts it has grown market share in the UK via increased distribution in the supermarket and impulse sectors.
It has also been boosted by “optimising sales” in categories away from its potato crisps roots, with its Poshcorn popcorn, Emporium tortillas and My Sweet Potato products.
UK sales were up 25.5% in the period to £49.3m, while international sales were up 23% to £12.3m, driven by strong growth in Europe and the acquisition of Germany’s Aroma Snacks.
Non-European sales growth was a more modest 0.9% to £3.4m, but Amplify has pledged to grow distribution in North America and accelerate Tyrrells’ efforts to become a global brand.
“It’s encouraging to see our investment and growth strategy has paid off thus far,” said David Milner, president Europe, Amplify Snack Brands. “Establishing manufacturing facilities in Australia has allowed us to further expand our international reach, particularly across Asia Pacific, while allowing us to continue developing fresh and exciting flavours.”
The strong sales growth was accompanied by a jump in earnings, with underlying EBITDA up 25.8% to £14.5m and pre-tax profits up 12.6% to £15.5m.
Headline profits were hit by £1.73m of exceptional costs incurred during the year, the largest of which was £682k of deal-related costs.
Texas-based Amplify agreed to buy Tyrrells from Bahrain’s Investcorp in a deal worth £300m in August 2016.
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