Sales and profits have soared by double digits in the most recent financial year at Cornish pasty specialist Prima Bakeries Group.
Latest accounts filed to Companies House for the year ended 31 August 2024 showed the Cornwall-based manufacturer edging over the £13m turnover mark, up 11% from the £11.8m generated in FY23.
The business noted growth had come from increased demand for its range – in particular Cornish pasties, speciality flavour pasties, sausage rolls, and wraps – supported by strength of its brands (Prima Bakeries and Cornish Premier Pasties), product quality, and high levels of customer service. The Prima Bakeries site is located in Redruth and the Cornish Premier Pasties factory, acquired in 2020, is 20 miles away in St Columb.
Profit for the financial year, meanwhile, catapulted by 68% to £1.5m from the £909k recorded in the previous period. Prima Bakeries said its group buying power helped mitigate inflationary pressures experienced during the period, with cross selling to each site’s customers had maximised sales growth and reinforced relationships. Inter site transport allows for efficient movement of raw materials and finished goods, it added.
Prima Bakeries revealed that growth has continued in 2025, with turnover expected to break through £15m in its current financial year – this represents an almost doubling of sales in the space of just four years (FY21: £7.6m).
Last September, it acquired biscuit manufacturer Furniss of Cornwall, also based in Redruth, which it said has created synergies across the combined business as well as complementary product ranges that help expand offerings and provide greater value to its customers.
Looking forward, the company said it is concentrating sales efforts on customers from which it is able to generate sustainable profit margins, with no one customer exceeding 15% of its turnover. There remains great demand for the company’s products with no shortage of potential new customers, it asserted.
Prima Bakeries has grown to be the fourth biggest manufacturer of Cornish pasties in the world and the largest pasty producer still locally owned within Cornwall. A transition to an employee-owned business model in December 2023 means its staff members stand to benefit from the future success of the firm.
Mark Norton, who had guided growth of the firm as managing director for 14 years, passed away near the end of last year following a brief illness, with his wife Lynne continuing as a director. She has since been joined on the board by group finance director Andrew Bray.
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