Warburtons: posts rise in annual profits

Bolton / UK. (wbl) Family-owned baker Warburtons Limited has posted a 5,2 million GBP rise in annual profits, boosted by an overall fall in raw material costs despite unprecedented increases in commodity costs such as wheat and energy during the second half of its last financial year, which saw turnover top 500 million GBP. Warburtons said in a press release pre-tax earnings for the year to September 26 climbed from 57,6 million GBP to 62,8 million GBP. Revenues increased by 2,6 percent from 498 million GBP to 510 million GBP. The firm hailed a solid operating performance in a difficult economic environment and said it continued to focus on quality of product and service. Warburtons, which increased staff numbers by just over 100 to nearly 5’000 as it opened plants, depots and a bakery in Bristol to support its growth, said raw material costs fell from 176 million GBP to 157,23 million GBP during the year. But the company added that the second half of the year saw unprecedented hikes in commodity costs and, with a challenging consumer environment, recovery of those increases was difficult. Warburtons said the business was well placed to support future growth.