Popcorn adds bite to Tyrrells turnover
Crisp maker Tyrrells has posted a big rise in turnover and profit after sales of its new lines of popcorn took flight.
The Leominster-based company achieved turnover of £40.3 million in the 12 months to March 28, 20154, an 18 per cent increase on the £34.18 million the company achieved in the year before.
It also raked in EBITDA of £7.97 million, compared with £6.72 million in 2013, although its final profit for the year suffered a decline thanks to the £2.2 million impact on its bottom line of the company's takeover in August 2013.
The brand was sold was sold by its private equity firm owner Langholm Capital to Dubai-based luxury brands investor Investcorp for £100 million during the period.
And over that same spell, it saw its turnover boosted by a big upturn in sales of its luxury popcorn brand, and increased UK and international sales.
"Over the last year, we have seen tremendous success in both France and Canada, and since these results, have launched in Australia in June 2014," said chief executive David Milner.
"We continue to invest in our popcorn and its popularity just proves our consumers enjoy it.
Mr Milner said the company was planning to continue to capitalise on the brand's popularity with further product launches in the future.
"Developing exciting, delicious new products is what we love doing here at Tyrrells Court Farm," he added.
"Our eyes are firmly fixed on the popcorn category, especially, as there is lots more opportunity for tasty innovations.
"We are also looking to build on exciting new opportunities we've secured abroad. We're proud such a local success story has grown to become a much loved brand across the globe."
Tyrrells, which began life as a sideline project on a potato farm near Leominster in 2002, employed an average of 150 people over the course of the year.
Its headquarters remains at Stretford Bridge on the edge of Leominster.
