Retro sweets firm banks profits rise after popcorn sell-off
Blackpool based Tangerine Confectionery has reported annual results which showed a steep rise in pre-tax profits after the sale of its popcorn business.
The firm, which has production sites in Liverpool, York, Pontefract and Cleckheaton, was sold in August this year as part of a £100m deal.
Figures for the 12 months to December 31, 2017, showed the firm achieved a turnover of £120.14m – including £6.57m from the popcorn division – compared with £139.26m.
A pre-tax profit of £39.28m compared with £3.267m in 2016.
This included £37.8m from the sale of the popcorn business to KP Snacks on July 14, last year.
Tangerine, which is best known for retro sweet brands Dip Dab, Fruit Salads and Blackjacks, said it is optimistic that its strategy will continue to provide growth in both its branded and private label business in the coming year.
The relaunch of the Barratt brand started at the end of the year with a TV advertising campaign for ‘Softies’, which the firm said has already “gained traction”.
Tangerine said: “Barratt will receive increased support in 2018 and further investment in the adult brands is also foreseen.
“In the last two years Tangerine has been the second fastest growing branded player.
“Private label contracts were also regained during the period, and the company is working with customers to consolidate these long term relationships.”
On August 13 this year it was reported that the company was to be sold by its owner, private equity firm Blackstone, to European food giant Valeo.
Irish company Valeo is owned by Seamus Fitzpatrick’s CapVest, and the deal was expected to bring Valeo’s annual revenues up to some £800m.
Blackstone bought Tangerine in 2011.
