Baker & Baker, which employs 360 people at its manufacturing site on Cutler Heights Lane in Bradford, has reported a 12 per cent increase in revenue for the year ending 2023, for a total annual revenue of €620 million.

The bakery products manufacturer also reported a gross profit growth of 18.2 per cent to €83.9 million, and a 24.7 per cent increase in adjusted EBITDA (excluding non-underlying items of €11.4 million) to €26.5 million.

The company attributes the positive figures to several factors, including a 0.2 per cent volume growth during the financial year, despite the cost-of-living crisis and raw material inflation.

Baker & Baker also made structural changes in 2023, investing €5 million in productivity enhancements and a shift in product mix to address changing consumer preferences.

Cost controls also had an impact on adjusted EBITDA performance in comparison to the previous year.

The company undertook several capital projects in 2023, including a £2.9 million investment in the expansion of the bakery's cookie capabilities at its Wirral site.

The new cookie line became operational midway through 2024.

The company's cash position also improved to €30.3 million at the end of 2023.

Baker & Baker employs around 1,400 people in the UK across four sites, including its Bradford site, which employs 360 people.

Within its European markets, it recorded a 6.5 per cent rise in volume and 22.9 per cent in revenue in Spain.

The company also acquired its Peniche facility in Portugal, which came online in 2023, with its pastel de nata product complementing the business's portfolio throughout European markets.

In 2023, the UAE and Jordan became growth markets for Baker & Baker, and it made its first sales in Saudi Arabia this year.

Notable product launches as part of Baker & Baker's exclusive licensing partnership with Mondelēz include Cadbury Crunchie Doughnut and Cadbury Chocolate & Orange cookies.

John Lindsay, CEO, said: "Baker & Baker is a clear category leader in American Sweet Bakery, and our expertise and market know-how offers a key point-of-difference with customers, allowing us to drive sales throughout the retail and food service channels.

"Our financial performance in 2023 provided an excellent platform for further growth across the Group, and as we seek to expand into new markets in 2024."

Baker & Baker employs around 1400 people in the UK across four sites, including Bradford.