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Welcome to our Annual Report and Accounts for 2018

Scroll down for a quick summary of this year's Annual Report. You can view specific sections or download the full report as a PDF.

Financial Highlights

Group Performance Measures

Statutory Measures

Group Revenue1
£ 290.2 m
2.4% on a like for like basis
Adjusted EBITDA
£ 25.6 m
2.7%
Adjusted Operating Profit
£ 17.8 m
2.3%
Adjusted Profit before Tax
£ 17.2 m
4.0%
Adjusted EPS
10.2 p
4.1%
Capital Investment
£ 12.6 m
In line
Net Debt
£ 15.6 m
10.5%
Total Dividend
3.3 p
10.0%
Group Revenue
£ 303.6 m
3.4%
EBITDA
£ 13.0 m
38.3%
Operating Profit
£ 5.2 m
61.4%
Profit before Tax
£ 4.5 m
65.7%
Basic EPS
1.7 p
76.1%
1Like for like revenue is the revenue from operations excluding the revenue from closed bakeries during the first half of the current year.

Chairman's Statement

Chairman's Statement

We continue to build a Group of scale, but one that can deal with the manufacturing complexity and flexibility required for premium and higher-margin products.”

Peter Baker Chairman
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Chief Executive's Report

Chairman's Statement

The aim is to continue
our strategy of establishing efficient, cost-effective
scale bakeries in our
chosen product areas.”

John Duffy Chief Executive Officer
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Our Purpose

People love the high-quality products we make. They are essential parts of their daily lives and enjoyable treats and choices for every occasion. So we are committed to building the leading speciality bakery group – because baking brilliance makes every day special.

Our Purpose video Play

Our Business Model

Our vision is to be a leading speciality bakery group, producing a broad range of high-quality products targeted at growing channels and market niches, and which deliver growth and differentiation for our customers while fulfilling the needs of end consumers.

The resources we employ
Operating Principles
in action
Creating value