Coleford-based soft drinks maker Lucozade Ribena Suntory Ltd saw both revenue and profits rise in the past year despite the tough economic climate.

In the year ended December 31, 2022, the company's turnover rose from £445m to £518m while gross profit increased from £241m to £257m.

Despite cost mitigation measures, the gross profit margin decreased slightly from 54% to 50% due to inflationary cost pressures.

The company is the Forest of Dean's biggest employer, with about 330 employees.

The directors' report said: "As a result of all Covid-19 restrictions being lifted and both domestic and international travel returning, the company has seen consumer buying behaviour continue towards on-the-go vs at home consumption.

"Supported further through the continued focus on the long-term review strategy and inflation mitigation to ensure the company continues meeting the changes in consumer needs.

"The company continued with its efforts to build and focus on strengthening key customer and supplier relationships, operational efficiency at its manufacturing site in Coleford, brand positioning and new marketing activities including distribution and brand development.

"These results and activities have been accomplished against tough economic circumstances as a result of unprecedented inflation."