In its year-end results to 31 December 2012, the company saw sales rise by 6% to £21.6m, while operating profits jumped by 27% to £1.27m.
Clive Miquel, chief executive, said that Waverley Bakery accounted for more than half of the total sales increase during the year, achieved through new listings in retail and foodservice for its ice cream cones and accessory products. He said Lees of Scotland also put in another strong performance with sales of teacakes, snowballs and meringues in greater demand.
“Countering increasing costs remains a key objective and to help mitigate against the ongoing increases in both raw and packaging materials we have continued to be as innovative and resourceful as possible,” said Miquel. “Generating improved production efficiencies is part of this focus. We have redesigned the packaging of Lees’ teacakes and snowballs which we introduced in January and this has helped us to deliver a significant uplift in sales (25%) in the first six months of 2013.”
The group de-listed from the Alternative Investment Market in June last year and was purchased by the executive management team, led by Miquel, who continue to operate the business.
“Growth in the immediate future will be achieved through the development of our current product ranges combined with a renewed focus on new product development,” said Miquel. “If appropriate, we will evaluate any expansion opportunities that may arise within our sector through potential acquisition or joint ventures.”