Toms Group faces rising cocoa prices

Toms Gruppen, a confectionery company headquartered in Ballerup, Denmark, is facing challenges due to soaring cocoa prices. Despite these pressures, the company achieved an operating income of 98 million Danish kroner last year, a slight decrease from the previous year. However, net income fell nearly 18 million kroner to 54 million. Revenue grew by 3% to 1.66 billion kroner. The finance director, Lars Henrik Vejrup Hansen, cites weakening currencies in key export markets and consumer caution due to inflation as additional strains on financial results. Cocoa prices have dramatically increased from 3000 dollars per ton last April to over 10,000 dollars per ton this week. Toms Gruppen, which is celebrating its 100th anniversary, along with the 140th anniversary of Anthon Berg, which it acquired in 1954, is famed for Danish classics like Guld Barre and Ga-Jol, with exports to several countries including Sweden and Germany.