Walker’s Shortbread today announced its full year financial results for 2023, demonstrating significant sales growth of £19m, accelerated by the performance of its new brand identity.
The Aberlour-based business’s sales reached £184m in the year ending 31 December 2023 – a 12% increase on the previous year.
The strategic roll out of Walker’s new brand identity across existing markets and distribution channels in 2023 and a strong performance during the festive season generated an uplift in sales of +11.4% at home and +11.9% in overseas markets.
Sales growth was further reinforced by the brand’s increased presence in Global Travel Retail, with targeted marketing activation.
The family-owned business, which celebrated its 125th anniversary in 2023, also saw its operating profits increase by £7.1m (119%) to £13.1m.
Walker’s achieved this through strategic forward planning, increased collaboration with suppliers and improved efficiencies within operational procedures.
Alongside this, the business benefitted from necessary price increase implementation due to rising cost pressures.
Full year financial highlights for 2023:
- Significant sales growth of £19m primarily driven by the positive launch and performance of Walker’s new brand identity and strong sales over the festive period
- Uplift in sales of +11.4% at home and +11.9% in overseas markets, with Walker’s products now exported to close to 100 markets globally
- Improved forward planning and collaborative work with suppliers helped manage rising external costs, resulting in an uplift in operating profits of £7.1m (119%) to £13.1m
- The business’s operating margin returned to average pre-pandemic levels of 7.1%
Commenting on the figures, Nicky Walker, Managing Director of Walker’s Shortbread said: “2023 was again a challenging year for Walker’s Shortbread but this performance is testament to the continued hard work, dedication and commitment of our workforce.
“Whilst the business benefitted from certain favourable market conditions, the results were the culmination of several years of strategic planning, acknowledging the significant impacts of Brexit and the Covid-19 global pandemic in recent years.
“In particular, we are extremely pleased with the performance of Walker’s new brand identity – this has been a long-term project for the business and one that will continue throughout 2024 and 2025.
“I am delighted that customers around the world are responding so positively to the brand as they continue to enjoy Scotland at its finest.”
Walker continued: “Despite significant growth this year we remain cautious, with a projected slow-down of the market and uncertainty from external political and economic issues putting pressure on the business and our supply chains.
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“Walker’s will continue to plan for the future and to serve our customers and consumers both locally and globally whilst remaining committed to our environmental and sustainability targets.
“We are proud to continue strengthening our operations while creating employment opportunities in the heart of the Scottish Highlands.”
