Flora and I Can’t Believe It’s Not Butter maker issues huge pay day
The company behind Flora and I Can’t Believe It’s Not Butter has issued a huge dividend to the tune of £90m – the first since it was taken over by private equity giant KKR.
The US-headquartered group, which acquired Flora Food Group – then called Upfield – from Unilever for more than $8bn in 2017.
The dividend is the first issued by the British arm of Flora since its takeover by KKR. The wider group, which is headquartered in Amsterdam, has received the dividend from the UK arm.
The pay out has been revealed in new accounts for Flora’s latest financial year which show its turnover dipped from £242.6m to £222.7m in 2024.
The results, filed with Companies House, also show its pre-tax profit fell from £18m to £16.9m over the same 12 months.
As well as Flora and I Can’t Believe It’s Not Butter, the London-headquartered group’s brands include Stork margarine.
Flora eyeing return to sales growth
In a statement signed off by the board, Flora said: “The directors consider that, in the conditions prevailing during the year, the development of the company’s business and its financial position at the end of the year was satisfactory.
“The directors do not expect any development in the company’s business in the coming year which is significantly different from its present activities.”
On its future, Flora said: “The company expects to maintain its position as the leading plant-based spreads company in the UK.
“We expect net sales to grow moderately and profitability to stay at the same margin.
“The company continues to operate as a going concern.
“The company is in a net asset position and expects to remain so for the foreseeable future.”
In October 2023 the group announced it would make all of its Flora Buttery products suitable for vegans, three years after it changed the original recipe to include buttermilk. Before that Flora had been plant-based due since it was created in 1965.