Confectionary company Tony’s Chocolonely has released its annual FAIR report for 2022-23, which reveals a record €28 million rise in chocolate revenue.

The confectioner recorded a 23.2% increase in chocolate revenue year-on-year, taking its total annual revenue to €150.2 million. It said that it had earned “particularly strong” revenue growth in the UK, the USA and Germany, and highlighted that it had received a €20 million investment from existing shareholders in June 2023.

Tony’s Open Chain, the company’s cocoa initiative, saw six new companies sourcing their cocoa through the Chain, bringing its total number of Open Chain members to 14 (including Tony’s itself). It also boasted that its 14,826 tonnes of cocoa beans sourced via the Chain were “100% traceable”.

Tony’s also said that it had joined the Science Based Targets initiative (SBTi), committing to a 42% reduction in emissions by 2030. For its next report, it said that it plans to achieve a 20% growth in net revenue.

Douglas Lamont, chief executive of Tony’s Chocolonely, said: “As an impact-led company that wants to drive change across the whole industry, we must prove that ending exploitation of West African farming families can come in parallel with good returns for shareholders, impactful careers for employees and care for our planet.

“Our results this year demonstrate yet again that partnering with others in the cocoa supply chain and balancing the needs of all our stakeholders is both the right thing and the smart thing to do, to build a successful impact company over the long term.”

For its next report, Tony’s said that it plans to achieve a 20% growth in net revenue