In a financial report for the year ending August 31, pre-tax profits nearly doubled on the previous year and sales jumped by 9% to £88.7M for the same period.
Robert Higginson, who was appointed chairman of the family-owned business in January this year, said: “In recognition of our growth in recent years, further investment is planned in our bread making capacity during the next financial year.”
Profits boosted
Profits were boosted by the sale of Frank Roberts’s gluten-free (GF) bakery business to US GF giant Boulder Brands for £2.5M in May last year, which yielded £1M in profit.
Group operating profits had increased by £2.7M to £8.6M in the past 12 months, added Higginson, who spent 11 years with Warburtons prior to his appointment with Frank Roberts and Sons.
“The improved performance was driven by an increase in volumes,” he said in his report. “This was partially offset by the impact of commodity inflation, which could not be fully recovered from our customers.
‘Growth in sales’
“The growth in sales during the year has been achieved through a combination of an expansion of our customer base and our product range.”
Nearly 900 staff are employed by the company, which invested millions of pounds in a 3,000m² distribution centre in 2010, allowing it to produce more than 2M loaves and morning goods each week.
Meanwhile, the termination of director Michael Braddock’s employment was formalised in a report lodged with Companies House last month.
Braddock, then the md of the bakery, led the investment and described it as “ambitious”, but necessary if the business was to develop the brand and add more product ranges.
His contract was terminated for unspecified reasons and Higginson will takeover his duties until a permanent replacement is found.