The UK division of Mars Wrigley, renowned for producing popular confectionery such as Mars bars and Skittles, has declared a substantial dividend payout of £600m following an exceptionally profitable financial year.
With manufacturing facilities in Slough and Plymouth, the company has significantly increased its dividend for 2023, building on the £115m distributed in 2022, as reported by City AM.
This substantial increase in dividends coincides with a rise in Mars Wrigley’s UK turnover, which climbed from £1.23bn to £1.43bn during the latest financial year.
According to accounts recently submitted to Companies House, the firm also saw its pre-tax profit soar from £117.4m to £245.2m within the same timeframe.
The group, which also boasts brands like M&M’s, Celebrations, Maltesers, Galaxy, Snickers, Orbit, and Extra, is confident in its ability to sustain high profitability.
In a statement approved by the board, it was noted: “The performance for the period reflects the investment into products, brands, processes and consumer relationships as part of our on-going strategy to reflect and adapt to anticipated changes in consumer attitudes and behaviour, as well as increase the focus of key areas of the market place.”
The company emphasised its commitment to innovation and development, stating: “The business continues to concentrate its research and development efforts on improving its product ranges so it is best placed to service the markets in which it operates.”
The directors expressed optimism about the company’s future prospects, asserting: “The directors consider that the company is well placed to take advantage of changes in the market place and that recent levels of profitability will be maintained.”
Over the year, Mars Wrigley’s UK workforce increased from 1,625 to 1,785.
This follows Mars’ announcement of its intention to acquire food giant Kellanova for £27.9bn.
Kellanova, a company formed when Kellogg Co split into three entities, owns popular brands such as Pringles, Cheez-Its and Pop-Tarts.
Mars Inc confirmed in a statement that it will pay £65.02 per share in cash, valuing Kellanova at £27.9bn.
The transaction is set to be finalised in the first half of next year.