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Welcome to our Annual Report and Accounts for 2019

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

Like for Like Group Revenue1
£ 301.8 m
4.0%
Adjusted EBITDA
£ 25.5 m
0.3%
Adjusted Operating Profit
£ 16.8 m
5.7%
Adjusted Profit before Tax
£ 15.9 m
7.5%
Adjusted EPS
9.3 p
8.8%
Capital Investment
£ 11.0 m
12.6%
Net Debt
£ 35.6 m
127.8%
Total Dividend
3.5 p
6.1%
Group Revenue
£ 315.3 m
3.8%
EBITDA
£ 24.0 m
84.6%
Operating Profit
£ 15.3 m
192.0%
Profit before Tax
£ 13.6 m
203.4%
Basic EPS
7.3 p
329.4%
1Like for like revenue is the revenue from operations excluding the revenue from closed bakeries and acquired businesses.

Chairman's Statement

Chairman's Statement
Peter Baker
Chairman

We’ve continued to not only
drive efficiency, but at the same
time deliver innovation, allowing
us to maintain our leading
position in the market.

Peter Baker Chairman
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Chief Executive's Report

Chairman's Statement
John Duffy
Chief Executive Officer

As consumer habits change it is vital
that our product offering remains
on trend and relevant to our end
customers, illustrated by the success
of our vegan brioche-style buns.

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