Heinz reported a rise in pre-tax profits of 9.7% to £161m in 2022 and has said it expects no further price increases.
According to UK accounts at Companies House, the FMCG giant maintained gross margins at 29.8% over the period, while revenues were up 12.8% to £899.7m, The Grocer reported.
Overall net sales value increased 19% which was mostly put down to a 21% increase in price, however Heinz saw 5% decline in volumes as a result.
Although, a Heinz spokesperson told the publication that any price increases over the past two years were below inflation, adding that it doesn’t expect any further price increases.
Subscribe to Grocery Gazette for free
Sign up here to get the latest grocery and food news each morning
The spokesperson said that an extra week of trading in 2022 compared with 2021, “allowed to us bring in more profit at a disproportionately lower cost,” adding that if it excluded the additional week, “profit after tax would have been flat.”
This came at a time when Tesco shelves were stripped of Heinz products after the Ketchup maker paused supply to the retailer after an ongoing price dispute in 2022.
In January 2023, Heinz raised its prices for the second time in less than a year, attributing the rise to soaring energy costs and food inflation impacting ingredients.
At the time, a Kraft Heinz spokesperson told The Telegraph: “Like the rest of the food industry, we continue to face significantly increased production costs – whether it’s ingredients, energy, or packaging – and rising inflation.”
