Tunnock’s sees £3 million drop in profits as cocoa prices surge

Tunnock’s sees £3 million drop in profits as cocoa prices surge

​Latest accounts for Thomas Tunnock Ltd show pre-tax profits falling from £4.1 million to £841,000 over the year, a swing of more than £3 million even as sales climbed to a record £87.7 million. Directors said the business had faced “unprecedented hikes in raw material costs” and warned that these pressures had continued beyond the year end.​ Cocoa prices have soared on the back of poor harvests and drought conditions in West Africa, particularl…