Divine Chocolate achieved its highest turnover to date, its annual report has revealed.
The farmer-owned brand announced turnover of £12.6m following the merger of its UK business, which has just gone into profit. Furthermore, Divine has also announced it will be distributing dividends (25 per cent of profits), which means that its biggest shareholder, the Kuapa Kokoo farmers’ co-operative in Ghana, will receive its 44 per cent share of the ordinary dividend, in addition to a dividend on its preference shares.
“We are delighted to be merging two successful businesses, which means that the farmers in Ghana who supply our Fairtrade cocoa now have a 44 per cent stake in a much bigger company,” commented Sophi Tranchell, Group Chief Executive.
“Divine Chocolate set a benchmark for sustainable cocoa, and we would like to see a future where Fairtrade is a minimum requirement, so chocolate becomes something that is cherished and celebrated by everyone.”
Going forward, the company says it has clear ambitions for growth, with David Upton, Group Chief Financial Officer, adding: “Merging the businesses brings many benefits at this point in the company’s growth. We will be sharing best practice and be in a position to hedge our foreign exchange risk in both the US and the UK. The potential in the US is really exciting and we will be focusing on continuing to deliver strong profitable growth.”