Alec Mattinson

London

Finance Editor at The Grocer

Finance Editor, The Grocer - journalist and beleaguered Leeds fan

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Articles

Innocent slashes annual losses on factory ramp-up and market share gains

Jan 16, 2025 | thegrocer.co.uk | Alec Mattinson

Innocent Drinks has slashed its losses after heavy investment in its new Rotterdam factory drove efficiencies amid rising sales and regaining market share. Newly released group accounts for Fresh Trading Ltd showed operating losses for 2023 had been cut by more than 90% back to £3.7m following a £41.3m pre-tax loss in 2022, described by the company at the time as one of its “most challenging years” to date.
Valeo ‘on track to be sweets champ’ despite ongoing losses

Jan 8, 2025 | thegrocer.co.uk | Alec Mattinson

Valeo Foods is on track to become “the undisputed European sweets and treats champion” despite losses topping €100m due to steepling financing costs, its boss has said. Speaking exclusively to The Grocer after the publication of accounts for the year to 31 March 2024, Valeo CEO Ronald Kers said the results, which revealed soaring financing costs, as “positive progress” in a “challenging overall operating environment”.
Christmas retail deflation likely to be temporary reprieve

Jan 8, 2025 | thegrocer.co.uk | Alec Mattinson

Shop prices fell in December, according to the monthly BRC-NIQ shop price index, but the report predicts economic headwinds this year will see the return of higher prices. Overall shop price deflation stood at 1% in December, up from deflation of 0.6% in the previous month. This figure was slightly above the three-month average rate of –0.8% and overall shop price annual growth remained at its lowest rate since August 2021.
Valeo ‘on track to be sweets champ’ despite losses of over €100m

Jan 8, 2025 | thegrocer.co.uk | Alec Mattinson

Valeo Foods is on track to become “the undisputed European sweets and treats champion” despite losses topping €100m due to steepling financing costs, its boss has said. Speaking exclusively to The Grocer after the publication of accounts for the year to 31 March 2024, Valeo CEO Ronald Kers said the results, which revealed soaring financing costs, as “positive progress” in a “challenging overall operating environment”.
Meek Christmas fails to save 2024 retail trading

Jan 6, 2025 | thegrocer.co.uk | Alec Mattinson

UK retail sales increased by just 0.7% last year after a weak final quarter, as non-food sales remained in decline despite persistent inflation. For the three months to December – the golden quarter – sales growth was 0.4% year on year. In December itself, UK total retail sales were up 3.2% year on year compared to 1.9% in December 2023 – though this is largely explained by Black Friday falling in December this year, which shifted spend from November to December.
EG Group refinances $3.5bn of loans to unlock investment cash

Dec 10, 2024 | thegrocer.co.uk | Alec Mattinson

Forecourt giant EG Group has refinanced $3.5bn of debt as it continues to deleverage and unlock additional cash to invest in the business. The Blackburn-based group announced today the reprising to euro and dollar term loan notes and the full repayment of its second-lien borrowing facilities. EG has reprised €1.6bn ($1.8bn) in euro denominated term notes and $1.7m of dollar term notes, reducing margin by 100bp and 125bp respectively.
Buckfast sales jump despite ‘unprecedented’ duty hike

Dec 9, 2024 | thegrocer.co.uk | Alec Mattinson

Sales of Buckfast jumped by 11.8% last year, despite the fortified wine brand facing an “unprecedented” duty increase and pressures from the rising cost of living. Newly filed accounts for the tonic wine maker J Chandler & Co showed the company’s sales rose from £49.9m to £55.7m in the year to 31 March 2024. The accounts said the increase came despite “challenging business conditions”, most notably the 44% duty increase on all domestic sales, as well as customers facing cost of living pressures.
Surya Foods takes major stake in popped seeds brand Karma Bites

Dec 8, 2024 | thegrocer.co.uk | Alec Mattinson

World foods player Surya Foods has boosted its global snacking portfolio by acquiring bagged snacks brand Karma Bites. The international food specialist has bought a “major stake” in the health-focused snack producer for an undisclosed sum. Karma Bites produces a range of naturally flavoured, popped lotus seeds in five flavours: Himalayan pink salt, Peri-Peri, Wasabi, Caramel and Coconut & Vanilla.
Cocoa-free chocolate startup Planet A Foods raises $30m for global scale-up

Dec 8, 2024 | thegrocer.co.uk | Alec Mattinson

B2B foodtech startup Planet A Foods has raised a further $30m to fund international expansion, including a launch into the UK in 2025. The producer of cocoa-free chocolate alternative brand ChoViva has completed the $30m Series B equity funding round to boost its production capabilities ahead of international expansion.
Commodity prices help Treatt bounce back from destocking

Dec 3, 2024 | thegrocer.co.uk | Alec Mattinson

Global ingredients player Treatt bounced back from a weak first quarter to grow full year revenues and profits as higher commodity prices and growth in China boosted performance. Announcing results for the year to 30 September, the manufacturer for ingredients for the beverage, flavour and fragrance industries posted revenue growth of 3.8% to £151.m (5.7% in constant currency).