Tayto Maker Sees Revenue Increase 2.7% In 2017, Driven By Core Brands
Tayto maker Largo Foods reported an increase in revenue to €94.6 million last year, driven by a solid performance from its core brands, according to the Irish Independent.
This is a 2.7% increase on 2016’s figure, as the Irish arm of the Intersnack Group, based in Dusseldorf, saw its sales lifted by its Tayto, KP, Hunky Dorys and O'Donnell's snacks.
"This enabled the company to reinforce its excellent position in the slow-growing Irish snack market," it added.
Largo Foods was acquired by Intersnack in 2015, wholly owning the business after initially acquiring a stake in the group in 2011.
The group also acquired UK crisp company Tyrrells from Hershey this year.
As a whole, Intersnack’s group net revenue rose by 4% to just over €2 billion last year - the first time the group has exceeded the milestone.
It said it’s revenue growth exceeded expectations, but its volume growth was on par with forecasts.
It said that it was greatly affected by foreign exchange impacts, mainly due to the devaluation of the sterling against the euro, as it took a €40.3 million hit last year.
Largo Foods confirmed in May that Jeff Swan has been appointed managing director, who joined from KP Snacks, part of the Intersnack Group, where he held the role of marketing director.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.