UK food company Weetabix has published its full results for the 2022/23 year ended 30th September 2023, reporting a reduction in gross profit.

The processor achieved revenue of £368.8 million, up from the £337.9 million from the year prior. Its gross profit was £116.2 million in 2023, lower than its 2022 result of £132.9 million.

Weetabix’s operating profit for 2023 reached £47.6 million, which was considerably lower than its 2022 operating profit of £78.4 million. Total profit for the financial year was £47 million, down on the previous year’s £70.6 million.

According to Weetabix, its cereal category volume declined on the year as customers switched to own-brand cereal at supermarkets. It said its value increased year-on-year, which it attributed to price inflation.

In its directors’ report, Weetabix said: “Despite an improving financial outlook for households, we do not expect a swift return to previous shopping behaviour. We are seeing a growing trend of ‘intentional’ shopping, where all prices have been scrutinised, new cheaper channels frequented, and new product repertoires have given shoppers a sense of clear agency.

“In many cases they are happy with compromises already made, particularly private label where the quality of products has been widely acknowledged. Perceived value is likely to remain the biggest draw for many, with retailers themselves keen to promote their pricing advantage through membership schemes and loyalty cards.”