ONE of York's largest employers Nestle UK has turned around losses of almost £12 million into profits topping £25 million in its last financial results.
The food and drinks giant, which employs almost 1,750 staff at its chocolate factory in Haxby Road, saw revenues rise by £100 million in 2013 to £1.75 billion, up 6.1 per cent from the previous year.
The surge in sales, reported for the year ending December 31, 2013, resulted in pre tax losses of £11.9 million from 2012 being transformed into a pre tax profit of £25.2 million.
Also contributing to the turn in fortunes was exceptional costs relating to the restructure of the business of almost £2.3 million, compared to costs of £12.7 million in 2012.
In the group's strategic report, supporting the full year results, Elizabeth Legge, finance director at Nestle UK, said: "The management of the business of the company and the execution of its strategy are subject to a number of risks and uncertainties, including difficult economic environment, a strong competitive environment, currency fluctuations, further trade consolidation, product innovation, employee retention and volatility in input costs.
"The directors of the company are aware of these risks and strategic decisions are made to manage these risks appropriately.
"The decision-making process and assessment of the business performance is supported by the experience of the management team and regular sales volume."
Nestle UK is part of its global parent company Nestle SA, which announced its results of 2013 in February.
The Swiss-based company saw total sales increase by 2.7 per cent to £62 billion, with a 4.6 per cent organic growth of the business. The group's trading operating profit was £9.4 billion, representing a margin of 15.2 per cent, up 0.2 per cent on last year.
The results revealed the Yorkie bar, produced in York, was Nestle's fastest growing confectionery product.
Milky Bar, also produced in York, was another success story of the year, with sales rising 7.4 per cent from 2012, alongside Breakaway, which saw a rise of 21.2 per cent.
Also produced in York is the Kit Kat, with more than six million made in the city every day. The product was one of only two in the list of the confectionery industry's top ten individually packaged items to grow in 2013, with an increase in sales of five per cent.