Lucozade, Ribena and Orangina owner continues remarkable profit rise
Profit at the UK company behind Lucozade, Ribena and Orangina has increased for the seventh consecutive year while its sales continued its post-pandemic rise.
Suntory Beverage & Food GB&I has reported a pre-tax profit of £109.1m for 2023, up from the £100.7m it posted for 2022, according to newly-filed accounts with Companies House.
The last time the Uxbridge division failed to increase its pre-tax profit was when it dropped from £72.2m to £61.3m in 2016.
The company’s turnover also rose from £517.5m to £542.9m in 2023 – a third increase in a row.
Suntory Beverage & Food GB&I’ UK revenue increased from £484.2m to £504.2m while its sales in the rest of Europe also rose from £32.1m to £37.5m. Its revenue in Asia remained static at £1.1m.
Gross profit increased from £257m to £262m but, despite “cost mitigation measures”, the margin fell from 50 per cent to 48 per cent “due to inflationary cost pressures”.
Administrative costs decreased from £120m to £116m as a result of “targeted cost savings” while its operating profit rose from £97m to £107m.
Lucozade owner battles ‘unprecedented inflation’
A statement signed off by the board said: “The company has a continued focus on the long-term revenue strategy and inflation mitigation to ensure the company continues meeting the changes in consumer needs.”
It added: “The company continued with its efforts to build and focus on strengthening key customer and supplier relationships, operational efficiency at its manufacturing site in Coleford, brand positioning and new marketing activities including distribution and brand development.
“These results and activities have been accomplished against tough economic circumstances as a result of unprecedented inflation.”
Suntory Beverage & Food GB&I is part of the Japanese multinational brewing and distilling company group, Suntory Holdings.
The group was established in 1899 and is one of the oldest companies in the distribution of alcoholic beverages in Japan.