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Welcome to our Annual Report and Accounts for 2017

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
Chairman's Statement
Chief Executives Report
Strategic Report
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View highlights of our strategic achievements over the year, from our successful product innovation, new licensing partnerships and foodservice approach, to the continued industry recognition for quality baking.

Our business expertise and our baking skills continue to win industry accolades. The Bakery Industry Awards crowned us Celebration Cake Business of the year, while the International Licensing industry awarded us Best Licensed Food Product. Among many other successes were the Quality food award, the Café Quality food award and the Grocer Own Label Innovation award.

We continually develop new lines to meet new consumer demand trends such as healthier and more convenient bakery products, and innovation is key to this. This year we invested in new cupcake production methods and another artisan bread production facility.

Licensed brand relationships are key to maintaining product differentiation and growing our specialist product portfolio, and we aim to extend and deepen these partnerships. This year we signed a new multi-year agreement with long-standing partner Thorntons, while entering new licence engagements with Mars, and with Mary Berry, for whom we launched a range of cakes.

Our foodservice business provides differentiation from our bakery retail sector business by servicing wholesalers and end users – such as pubs, hotels and restaurant chains – with ranges of convenient bread and cakes products. It also has a healthy export trade. Developing our foodservice channel is part of our strategy for growth.

Financial Highlights

Group Revenue

£ 314.3 m

0.2%

Adjusted Operating Profit

£ 17.4 m

4.2%

Adjusted Profit before Tax

£ 16.6 m

5.6%

Adjusted EBITDA

£ 24.9 m

2.7%

Capital Investment

£ 12.5 m

3.3%

Adjusted EPS

9.8 p

2.1%

Total Dividend

3.0 p

7.1%

Net Debt

£ 17.5 m

11.2%

Achieving growth

The Company has delivered resilient UK sales in a deflationary market, with the impact of UK retail food market de ation in the period offset by the impact of innovation in cake and growth in speciality bakery ranges.

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Chairman's Statement

"We will continue to work hard to run our existing businesses as efficiently and effectively as possible whilst investing for the future..."

Peter Baker Non-Executive Chairman

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Achieving
our objectives

Chief Executive's Report

"The Group is now one of
the largest speciality bakery groups in the UK with a small but fast growing European business."

John Duffy Chief Executive Officer

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Achieving
efficiency

Strategic Report

Achieving differentiation

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 whilst fulfilling the needs of end consumers.

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