European bakery products manufacturer Baker & Baker has reported another year of growth in its 2024 Group financial results, with increases in revenue, gross profit and adjusted EBITDA, supported by strategic investments and new product innovation.
Group revenue edged up to €623.5m, while gross profit rose 7.5% to €90.1m. Adjusted EBITDA increased to €32.7m, excluding one-off restructuring and divestment costs. Although product volumes fell 3.7% due to inflationary pressures and higher raw material costs, profit growth was driven by a stronger product mix and efficiency gains across the business. Since its formation as a dedicated bakery products company in 2021, Baker & Baker has recorded consistent year-on-year profit growth.
The business invested around €14m during 2024 in projects to improve productivity, support growth and maintain its 12 manufacturing sites. This included a major upgrade to palm oil management and filtration on doughnut lines at its Delmenhorst site in Germany, reducing usage and carbon emissions while generating cost savings. In the UK, the Bradford site installed a new chocolate system, enabling the production of a broader range of products. This supported the launch of Milka chocolate clusters, cookies and brownies into continental Europe, which have already seen strong early sales in France in 2025. Baker & Baker also relocated its German business to a modern office and test bakery in Bremen’s Überseestadt district, creating a hub for customer engagement and product demonstrations.
The company launched a new Group ESG strategy in 2024, reinforcing its sustainability goals. Initiatives included preparation for compliance with the EU Deforestation Regulation (EUDR), investment in a WRAP water stewardship project in the UK, and submission of net zero targets to the Science Based Targets initiative (SBTi).
Innovation remained a key driver of growth, with the launch of Côte d’Or muffins and doughnuts in the Benelux markets marking the first time the premium chocolate brand has appeared in fresh bakery products in Europe. The company also expanded its footprint in the Middle East, growing sales in the UAE, Saudi Arabia and other regional markets.
CEO Matthew Acheson said Baker & Baker had maintained its leadership position in the American Sweet Bakery category in Europe, despite a year marked by “geopolitical headwinds and fluctuating consumer confidence.” He added: “2024 saw continued inflation throughout the bakery industry, most notably in the price of cocoa, which has affected many bakery categories. We have worked closely with our customers to manage these turbulent inflationary effects. A series of strategic investments in our manufacturing capabilities have also delivered efficiencies and allowed us to expand our product capabilities for customers.”
With a focus on innovation, operational efficiency and sustainability, Baker & Baker enters 2025 aiming to build on its strong market position and deliver further growth across Europe and beyond.
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