Sales at Walker’s Shortbread have hit the £200m mark for the first time in its 127-year history, with profits leaping 23% in its latest financial year.
Recently filed results for the year ended 31 December 2024 saw the Aberlour-based, family-run business report turnover of £201m, marking a 9% increase on the year prior. This follows a run of two successive years of double-digit revenue growth – 12% in 2023 and 16% in 2022.
Walker’s said the latest sales milestone reflects the strength and appeal of its brand and the continued positive market response to refreshed brand identity rolled out in the spring last year. It also attributed its 2024 growth to a strong festive trading period, particularly in the UK, which drove domestic sales up by 13.4%.
Growth overseas was also healthy with international markets reporting an increase of 5.8% – the US remained a key market for the brand, it noted.
Walker’s also highlighted the ongoing challenges from supply chain costs, inflation in key ingredients, rising labour costs, and logistical hurdles, which resulted in an increase in its operating cost base. Despite these cost pressures, the company said it continued a positive collaboration with suppliers to manage them as effectively as possible.
As part of its long-term strategy, the board has continued to invest significantly in the business to improve operational processes, efficiencies, and methodologies at its production sites in Aberlour and Elgin. These efforts, coupled with its close work with suppliers, drove a 23% increase in operating profits to £16.1m while the business’ operating margin grew by almost a percent to 8%.
Managing director Nicky Walker, a fourth-generation family member who assumed the leadership role in 2022, described 2024 as “an encouraging year” for Walker’s Shortbread. “To exceed £200m in sales is an incredible achievement for the business and this milestone is testament to the continued hard work and commitment of our workforce,” he commented.
“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,” added Walker.
The MD also called 2024 a “poignant year” for the business following the sudden passing of his uncle Sir James Walker in December. “This sadly marked the end of the third generation of the family whose leadership and vision were instrumental in shaping the business into the world-renowned brand it is today,” he said. “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.”
Walker’s has unveiled two appointments this year. Sir James’ daughter Bryony Walker was named its new commercial director in May and joined the board, while Sir Andy Murray became its first-ever brand ambassador in the summer.
It recently extended its Wee Shorties range (first launched last year) with two new variants – Mini Chocolate Chip and Mini Oat Shortbread.
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