A WIRRAL bakers has reported an impressive set of financial results for the year ending 2023.
Baker & Baker, which employs 700 people at its manufacturing site on Stadium Road in Bromborough, reported revenue growth of 12% to €620m, gross profit growth of 18.2% to €83.9m and adjusted earnings before interest, taxes, depreciation and amortization (excluding non-underlying items of €11.4m) of €26.5m – an increase of 24.7% on prior year.
A spokesperson for the form described its financial performance as 'encouraging', adding that it 'underlines the sustained growth of the Group since its formation as a sole bakery products business two years previously'.
Baker & Baker undertook a number of structural changes to improve the performance of the Group in 2023, including investing £5m in productivity enhancements and a shift in product mix to address changing consumer preferences in the face of the cost-of-living crisis. There were also cost controls.
Amongst Baker & Baker’s capital projects, the £2.9m investment in the expansion of the bakery’s cookie capabilities in Wirral was the most significant. The investment began in 2023 with the new cookie line becoming operational midway through this year.
Baker & Baker also acquired its Peniche facility in Portugal that came fully online in 2023, with its Pastel de Nata product complementing the business’s portfolio throughout European markets.
Last year, the company continued to expand into new markets, and established a site in the Middle East in 2022.
In 2023, the UAE and Jordan became growth markets for Baker & Baker, and paving the way for the business to enter Saudi Arabia and secure its first sales in 2024.
Additionally, the business’s cash position improved significantly to €30.3m at the end of 2023, further underlining the stability of the Group.
The company's chief executive John Lindsay said: “Baker & Baker is a clear category leader in American Sweet Bakery, and our expertise and market know-how offers a key point-of-difference with customers, allowing us to drive sales throughout the retail and food service channels.
"2023 was also characterised by the cost-of-living crisis and inflation across all major food categories, and so to have maintained volume performance in the face of these market challenges represents a significant success.
"Our financial performance in 2023 provided an excellent platform for further growth across the Group, and as we seek to expand into new markets in 2024.”
Baker & Baker employs around 1,400 people in the UK across four sites, including Bromborough.
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