“We are pleased to report another strong year of growth for the Group, despite the continued headwinds the industry is facing. Although the economic environment remains complex, our brands and products continue to perform well. This is testament to the way we continue to innovate our products to meet the changing needs of consumers,” said Daniel Martinez Carretero, CFO of the Ferrero Group, whose holding company is based in Luxembourg.
In a published on Thursday 13 February on the results for the 2023-2024 financial year, the group announced turnover of €18.4bn, up 8.9% on the previous year. This performance is in line with the growth strategy driven by executive chairman Giovanni Ferrero and implemented by CEO Lapo Civiletti, the press release said.
Despite these solid results, growth is lower than in the 2022-2023 financial year, when . In addition, the number of Ferrero manufacturing plants worldwide remained stable at 37, while the global workforce increased slightly from 47,212 employees in August 2023 to 47,517 on 31 August 2024.
€958m in investments
To support this momentum, the group has increased its capital expenditure. Total capital expenditure for the year was €958m, up 18% year-on-year. The main investments were made in the United States, Italy, Germany and Chile. The press release also notes:
- the opening of the first chocolate processing plant in the United States, in Bloomington (Illinois). This 6,500 m2 site produces chocolate for the group’s flagship brands in North America, including Kinder, Ferrero Rocher, Butterfinger and Crunch, and now houses a new production line for Kinder Bueno;
- the modernisation of its production site in Stadtallendorf, Germany;
- the launch of Nutella ice cream, the brand's first ice cream product, boosting growth in the ice cream segment;
- the expansion of the biscuit range with the introduction of Kinderini in several strategic markets;
- the expansion of the Eat Natural and Fulfil brands into new European markets, in response to growing demand for healthier products.
This article was originally published in .