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Annual Revenues At Nutella Maker Ferrero Jump 21%

By Reuters
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Annual Revenues At Nutella Maker Ferrero Jump 21%

Revenues at the family-owned Italian food group Ferrero rose 21% to €17 billion in the fiscal year ended August 2023, boosted by organic growth and acquisitions, the group has said.

The maker of Nutella spread bought Wells Enterprises in the period as part of its strategy to expand its business in North America and in the ice cream category, giving it access to brands such as Blue Bunny and Halo Top.

It also acquired Italian frozen bakery group Fresystem, which makes Nutella Muffins.

Production Capacity

Ferrero, whose global workforce expanded 14% to reach some 47,200 employees as of last August, said it expanded its production capacity to meet increasing demand for its products.

Total capital investments totalled €811 million in the period, most of the money spent on property, plant and equipment in Italy, the United States, Germany, and Spain.

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Ferrero expanded its manufacturing presence globally, increasing from 32 to 37 plants compared to the previous year. The company's global workforce also saw growth, rising to 47,212 employees as of August 31, 2023, from 41,441 as of August 31, 2022.

'Inflationary Pressures'

“We are pleased to report a period of strong growth despite the economic and geopolitical challenges, with continued inflationary pressures remaining a factor across the globe," commented Daniel Martinez Carretero, chief financial officer at Ferrero Group.

"In addition to revenue growth, the global workforce has also grown by over 5,000 people, which is a testament to the long-term vision of our business strategy,”

Ferrero was founded in 1946 in a small pastry shop in Alba, near Turin in northern Italy, and the confectionery maker has turned into a global group, boosted by the aggressive acquisition campaign launched by its executive chairman Giovanni Ferrero.

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Its products also include Kinder, Tic Tac mints and Ferrero Rocher chocolates.

It does not provide information on profitability and publishes financial information with a delay compared with listed rivals which have tighter disclosure rules.

Additional reporting by ESM

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