Walker’s Shortbread Ltd has announced its full year financial results for 2024, as the business achieved sales of over £200 million.
The Aberlour-based business’ sales reached £201 million in the year ending 31st December 2024, marking a 9% increase on the previous year. Walker’s Shortbread labelled this a “significant milestone”, which it said reflected the “strength and appeal” of the Walker’s brand and the “continued positive market response” to the refreshed brand identity.
The 127-year-old family firm also attributed this growth to a “strong festive trading period”, particularly in the UK, which it said drove domestic sales growth of 13.4%. Growth overseas was also healthy with international markets reporting an increase of 5.8%, with the US remaining a key market for the brand.
Walker’s said that “ongoing challenges” from supply chain costs, inflation in key ingredients, rising labour costs and logistical hurdles had all resulted in an increased growth in the company’s operating cost base. Despite these increases, Walker’s said it had continued its collaboration with suppliers to “manage cost pressures as effectively as possible”.
Operating profit grew by £3 million (23%) to £16.1 million. Walker’s said that despite “significant input cost pressures”, it had responded as proactively as possible to evolving market conditions, with ongoing operational efficiency improvements continuing to be implemented throughout the year.
Its operating margin reached 8%, which it said marked a 0.9% improvement on 2023, and its cash outflow was £1.5 million. Walker’s stated that improved profitability had “supported investment plans”, which align with the long-term growth ambitions of the business.
Commenting on the figures, Nicky Walker, managing director of Walker’s Shortbread, said: “2024 has been an encouraging year for Walker’s Shortbread. To exceed £200 million in sales is an incredible achievement for the business and this milestone is testament to the continued hard work and commitment of our workforce.
“As a business we are proud of our rich history and heritage and we are increasingly focused on protecting the business to ensure generations to come can continue to enjoy ‘Scotland at its Finest’. We are pleased to see some of the improvements and efficiencies we have made internally working in conjunction with our brand revitalisation which has undoubtedly aided our Commercial operations, having a positive impact on performance.”
“We are maintaining a pragmatic and cautious outlook, as we continue to try to manage external political and economic factors putting pressure on the business.”
Walker continued: “Despite significant growth this year, we are maintaining a pragmatic and cautious outlook, as we continue to try to manage external political and economic factors putting pressure on the business, our supply chains and our customers.
“2024 was also a poignant year for the business following the extremely sad and sudden passing of Sir James Walker in December. This sadly marked the end of the 3rd generation of the family whose leadership and vision were instrumental in shaping the business into the world-renowned brand it is today. We will continue to honour their legacy as we plan for the future and as always, we are committed to serving our customers, employees, stakeholders and the local Speyside community from our home in the heart of the Scottish Highlands.”
