Italian confectionary multinational Ferrero Group has posted its consolidated financial results for the 2023/24 financial year.
The company’s turnover for the financial year was €18.4bn, an increase of 8.9%.
This is in spite of 2024’s cocoa price surge, where prices exponentially increased during the Easter period due to crop pressures, as well as wider inflationary pressures.
However, the period covered by the results ended in August 2024, meaning that they do cover the period containing the latest highs in cocoa prices.
The company increased its capacity investment by 18% €958m, with investments in facilities in the US and Germany, and processing in Chile, one of the locations where its hazelnuts are sourced.
“We are pleased to report another strong year of growth for the Group, despite the continued headwinds the industry is facing,“ said Daniel Martinez Carretero, CFO of Ferrero Group.
“Although the economic environment remains complex, our brands and products continue to perform well.
“This is testament to the way we continue to innovate our products to meet the changing needs of consumers. To spur this innovation on and to increase our manufacturing capabilities, this financial year saw us increase total capital investment by 18% on the previous period.”
