Swizzels Matlow: Sales near £100m at Love Hearts maker

Profit at Swizzels Matlow, the maker of sweets such as Love Hearts and Refreshers, was slashed in half during its latest financial year despite its sales jumping to almost £100m.

The Peak District-headquartered business has reported a pre-tax profit of £4.4m for 2023, down from the £8.2m it achieved in 2022.

Newly-filed accounts with Companies House also show that Swizzels Matlow’s turnover increased over the same period from £89.3m to £96.6m.

The firm’s UK turnover rose from £76.6m to £80.8m in the year while its sales in Europe also grew from £10.1m to £13.2m.

Its sales in the rest of the world remained static at £2.6m.

During the year the average number of people employed by Swizzels Matlow rose from 561 to 578.

The results come after the group completed construction of a new manufacturing and warehouse site in Middlewich, Cheshire, in the year.

Swizzels Matlow said that the new site is “anticipated to significantly increase production capacity”.

A statement signed off by the board said: “The group continues to invest heavily in new equipment in order to improve efficiency and product quality.”

Swizzels Matlow settles with M&S

During the year the company reached a settlement with M&S after it was accused of copying its Percy Pig sweets.

As a result of the “amicable resolution”, Swizzels Matlow agreed to change the design of its Pigs Mugs sweets.

M&S first claimed in November 2022 that the sweets were too alike to its own.

According to a 37-page document filed at the High Court in London at the time, the Percy Pig brand had generated a £131.7m in turnover since its launch in 1993.

Swizzels Matlow was founded in 1928 while it also makes the likes of Drumstick lollies and Parma Violets.