FDBusiness.com

Warburtons, the British bakery group, has reported a 0.3% drop in turnover to £524.7 million and a 36.7% fall in operating profit to £22.4 million for the year ended 31 September 2017, as rising input costs and a decline in the bread market impacted performance. Profits before tax plunged 40% to £34.6 million. According to Warburtons, the resulted were in line with expectations given the tough trading environment.

“Revenues have been held largely due to growth in non-bread products as we continue to innovate and develop new product ranges,” says Jonathan Warburton, chairman of Warburtons. “The wrapped bakery market remains very competitive, with the continuing decline of the core market compounded by increased input costs.”

He adds: “The profit for the period has been achieved only through the continued focus on the quality of the product and service supported by the continued development of new product ranges. This continuing innovation and investment in new capability will ensure we are well placed for future progress.”