St Pierre Groupe sales have soared 44% in the past year, according to the firm’s latest filings at Companies House.
The Manchester-based business, which was acquired by global bakery giant Grupo Bimbo in 2022, has reported turnover of £102m in the year ended 31 December 2023.
Gross profit at St Pierre Group rose by £7m to £21.1m in 2023 as the company’s gross profit margin increased from 19.5% to 20.5%. It reported an operating profit of £2.1m.
These figures refer to St Pierre Groupe’s continuing UK business and exclude the firm’s US operations, which were pared off and became part of Grupo Bimbo US last summer. Turnover including US operations had been £150m in 2022.
The company reported that trading conditions had remained challenging in 2023 as costs continued to rise but added that it was persuing ‘ambitious growth targets’. St Pierre added that it had mitigated cost hikes by negotiating price increases, and that it was seeking to balance the benefits of strong supplier relationships with the need to obtain value for money.
Four new St Pierre Groupe branded products were launched in the UK in 2023, and three rolled out globally, while distribution of the company’s Baker Street brand had continued to grow in UK multiple retailers.
It also invested in brand marketing – with its first-ever TV ad hitting screens this year – and infrastructure, with the firm’s headcount standing at 84 staff at the end of 2023.
Speaking to British Baker in the summer, St Pierre Groupe managing director Sarah Boddy described the business as “an authentic, quality, prestigious challenger brand which is new to Grupo Bimbo”.
She added that although the business is integrated into the bakery giant, the day-to-day operation continues to be run from Manchester.
Boddy revealed ambitions to make the St Pierre brand a household name while raising awareness of brioche. “We want to make it so French brioche becomes the norm and St Pierre is the name on everybody’s lips,” she told British Baker.
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