Valeo Foods boosted its underlying operating profits by 25% in FY25, as the group’s strategic shift toward sweet treats brought in significant growth abroad.
CEO Ronald Kers praised the “strong momentum” of the group’s growth strategy, as the Dublin-headquartered owner of Rowse Honey, Jacob’s and Kettle Chips grew revenues 6.5% in the year to 31 March 2025, to hit €1.6bn (£1.4bn).
An ongoing recovery in the group’s UK business supported major acquisition-led growth in Europe and Canada – and covered for a £32.8m fall in the group’s Irish revenues resulting from a shift away from non-core business.
Growth was by far highest in Europe (excluding Ireland), at 34.3%, as Valeo took over half a billion euros; revenue in the UK, Valeo’s largest market, was comparatively subdued, rising just €3.1m to €647.5m.
And while Bain Capital-owned Valeo was more highly leveraged than ever – with €160.7m in finance costs alone – underlying operating profit grew 25% to €85.8m as the business delivered a “range of management and business improvement initiatives” and a “continued focus” on investment and acquisitions, said Kers.
“Our results for the year reflect the continuous strong momentum in executing our growth strategy, delivering continued positive operational performance and reinforcing Valeo Foods Group’s ambition to become the undisputed sweet treats champion,” he added.
“The bottom-line results reflect the substantial investments we are making in implementing our strategy, including upgrading our factories, investing in our people, and driving innovation and product initiatives.
“Our strategic acquisition programme, which included Dal Colle, Appalaches, IDC and Pattini, remains highly focused and complementary, enhancing our presence in key categories and geographies and is already yielding positive results for the group.”
Kers added acquisitions would continue to play “a central role” in the company’s strategic shift towards sweet treats.
Valeo’s exceptional costs for FY25, including acquisitions, totalled €34.9m, bringing pre-tax losses for the group to €109.8m.
Despite its significant debt burden – and junk B- credit ratings – Valeo made no mention in its accounts of any potential sale of its Irish business, a move it has reportedly been exploring since early November.
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