Tangerine Confectionery, the privately-owned UK confectioner, has seen its annual losses widen despite soaring sales.
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The company, which makes sweets like Sherbet Fountain and Dip Dabs, booked turnover of GBP131m (US$214m) for 2008 – more than double the GBP63.5m filed in 2007.
However, Tangerine’s net losses for the year widened from GBP2.7m to GBP3.7m due to restructuring costs and debt taken on from its purchase of Monkhill from Cadbury last year.
Nevertheless, MD Chris Marshall described 2008 as a “transformational year” for Tangerine.
Marshall said: “Tangerine is now the largest number of sugar confectionery in the UK. Further progress is anticipated in 2009 as Tangerine is well set to deliver the benefits identified at the time of acquiring Monkhill, and also begins to to implement new integrated brand plans for the enlarged portfolio.”
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