Jones Village Bakery has seen sales and profits surge by more than a fifth in its latest financial results.
Turnover at the Wrexham-based manufacturer hit £154.3m while post-tax profit reached £12.6m for the 15 months ended 29 December 2024. The company adjusted its accounting period to be in line with the other companies of its new French owner, the Menissez Bakery Group, which completed its acquisition in July 2024.
Jones Village Bakery said it has seen continued growth in the period as it filled the sourdough and pancake production lines with baked goods for new and existing customers, with some as far afield as Australia. Further growth had been realised by responding to changes in its customer requirements particularly in the in-store arena, such as the supply of the M&S Collection Sourdough range.
The company revealed a 20% increase in revenue and a 37% rise in EBITDA when comparing the last 12 months of FY24 with the same period in FY23, without confirming specific figures. However, these percentages indicate a slight slowdown in growth since the Menissez takeover – annualised sales of £123.4m over the 15-month financial period represent a 26% increase on the £98m generated in the year prior. It has previously recorded a 42% year-on-year rise in turnover from FY22 to FY23.
Cost saving initiatives coupled with economies of scale were said to have resulted in improvements to gross margin, which rose by 5.2 percentage points to 30.3%. On an annualised basis, post-tax profit more than doubled to £10.1m from £3.8m in FY23.
Jones Village Bakery highlighted how new product development had been driven across its range, with its export sector continuing to grow. “We expect to realise the benefits from building new customer relationships in this sector in the coming years,” stated the company, noting that innovation, food quality and customer service were mainstays of the business. “Dedication to continually pushing the boundaries are the key to its future success,” it added.
Additionally, employee numbers rose from 741 in FY23 to 899 by the end of 2024. Recruitment drives supporting growth have continued this year with its new £20m roll production line expected to create 60 new jobs by next summer. It has also pledged to pay school leavers £12.60 an hour – more than £5 above the National Minimum Wage for their age.
The bakery supplier is currently in the midst of a £27m investment to convert and extend a storage facility at Wrexham Industrial Estate into a brand new production site, which would be its fifth facility in Wales.
No comments yet