Thorntons boss Jonathan Hart may treat himself to the chocolatier’s wares after expressing delight at the vindication of his strategy in the face of widespread criticism, as the firm revealed a rocket in profits today.
Hart has concluded a three-year turnaround strategy to rebalance the 103-year-old chocolatier towards supplying its products to supermarkets and pound shops and closing a raft of High Street stores.
The plan’s detractors included vocal former chairman Peter Thornton, who was ousted from the family business in a boardroom coup in 1987.
Hart said: “Funnily enough I haven’t heard from him in two years since the strategy proved to be working. There were a lot of opinions on the direction of Thorntons so this is very satisfying for the people who work us.”
Profits rose 60% to £7.5 million despite flat revenues, which edged up 0.6% to £222.4 million.
Hart said the company plans to invest in its brand, launch new products and expand its presence in supermarkets, including rapidly growing discounters Aldi and Lidl in the next three years.
It will also ramp up its fledgling business supplying retailers in the US. Hart said its stateside orders would surpass its trade in Australia, South Africa and the UAE in the next year.
