Dutch chocolate manufacturer Tony’s Chocolonely has reported 33.2% year-on-year growth in net revenue, to €200.1 million, in its full financial year to 30 September 2024.
The company’s gross margin declined slightly, from 40.9% to 40.5%, due to the initial impact of rapidly rising cocoa prices, which outpaced its recent price adjustments.
EBITDA for the financial year reached €1.2 million, representing a decline of €0.2 million, compared to the previous year.
The company reported a net loss of €6.8 million after accounting for depreciation and amortisation (relating to investments in long-term infrastructure), interest and taxes.
Regional Performance
The Netherlands, Tony’s home market, was the largest contributor to sales in the 2023/24 financial year, with an increase from €57.1 million to €60.8 million.
Brand awareness for Tony’s Chocolonely stood at 99% in the Dutch market, while its share in the chocolate bar category decreased from 17.1% to 16.5% during the financial year.
In the UK and Ireland, the company saw double-digit sales growth, with combined revenues increasing by 45%, to €46.5 million from €32.0 million, in the previous comparable period.
Tony’s brand awareness in the UK was at 82%, while its market share in chocolate bars was 3.1%.
The company boosted distribution, added a 35g bar to its assortment, and witnessed growth in key retailers like Tesco, Sainsbury’s and Co-op.
Net sales in Germany and Austria increased by 27%, year on year, amounting to €18.2 million in full-year 2023/24 – from €14.3 million in the previous year – driven by improved performance at REWE and Kaufland.
Tony’s increased its brand awareness in the country to more than half (56%) during the year. The company attributed this growth to the Tony’s Faire Alternative campaign, launched in February 2024.
US Performance
The company saw the strongest growth, in terms of absolute and percentage growth, in the US, with sales up by 85%, from €27.5 million to €50.8 million, year on year.
This increase was driven by a combination of launching its assortment at new retailers like Walmart and Kroger last year, as well as improved performance, the company noted.
Brand awareness increased to 13.3%, making roughly one in every eight Americans familiar with Tony’s Chocolonely.
Outlook
The chocolate-maker believes that the Netherlands, the US, the UK and Germany are the markets with the most growth potential in the near term.
‘Seeing the team nearly double our revenue over the past three years is truly impressive. [...] Tony’s growth strategy is all about impact, and we’re seeing it pay off – not just in sales but in positive changes for cocoa farmers,’ the company’s supervisory board noted in a letter.
‘We believe Tony’s has a unique role in building the future of sustainable business, balancing people, the planet and profit. We’re setting the pace with Tony’s Open Chain.’
